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INC0000930667false2013-07-012013-07-01170296665<div style="display:none">~ http://www.iShares.com/role/ScheduleExpenseExampleTransposediSharesMSCIFranceETF column period compact * ~</div><div style="display:none">~ http://www.iShares.com/role/ScheduleAverageAnnualTotalReturnsTransposediSharesMSCIFranceETF column period compact * ~</div>2013-07-01<b>Investment Objective</b>The iShares MSCI Emerging Markets EMEA ETF (the &#8220;Fund&#8221;) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Emerging Markets EMEA Index (the &#8220;Underlying Index&#8221;).2013-07-01<b>Investment Objective</b>The iShares MSCI France ETF (the &#8220;Fund&#8221;) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI France Index (the &#8220;Underlying Index&#8221;).<b>Fees and Expenses </b>The following table describes the fees and expenses that you will incur if you own shares of the Fund. The investment advisory agreement between iShares, Inc. (the &#8220;Company&#8221;) and BlackRock Fund Advisors (&#8220;BFA&#8221;) (the &#8220; Investment Advisory Agreement&#8221;) provides that BFA will pay all operating expenses of the Fund, except interest expenses, taxes, brokerage expenses, future distribution fees or expenses, and extraordinary expenses. BFA, the investment adviser to the Fund, has contractually agreed to waive a portion of its management fees in order to limit Total Annual Fund Operating Expenses to 0.49% of average daily net assets until December 31, 2014. The contractual waiver may be terminated prior to December 31, 2014 only upon written agreement of the Company and BFA.<br/><br/> You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:<b>Annual Fund Operating Expenses<br/>(ongoing expenses that you pay each year as a<br/>percentage of the value of your investments)</b><b>Fees and Expenses </b>The following table describes the fees and expenses that you will incur if you own shares of the Fund. The investment advisory agreement between iShares, Inc. (the &#8220;Company&#8221;) and BlackRock Fund Advisors (&#8220;BFA&#8221;) (the &#8220; Investment Advisory Agreement&#8221;) provides that BFA will pay all operating expenses of the Fund, except interest expenses, taxes, brokerage expenses, future distribution fees or expenses, and extraordinary expenses. <br/><br/>You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:0.0068000.0068-0.0019<b>Annual Fund Operating Expenses <br/>(ongoing expenses that you pay each year as a <br/>percentage of the value of your investments)</b>0.00490.00530iSHARES<sup>&#174;</sup> MSCI EMERGING MARKETS ETF<br/>Ticker: EEM&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock Exchange: NYSE Arca00.0053<b>Investment Objective</b><b>Fees and Expenses</b><b>Annual Fund Operating Expenses<br/>(ongoing expenses that you pay each year as a<br/>percentage of the value of your investments)</b><b>Example.</b><b>Example. </b>This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:<b>Example.</b>This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:5054178340810<b>Portfolio Turnover.</b>The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 6% of the average value of its portfolio.0.06<b>Portfolio Turnover.</b><b>Principal Investment Strategies </b>The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. From inception, January 18, 2012, to the most recent fiscal year end, the Fund's portfolio turnover rate was 5% of the average value of its portfolio.<b>Principal Investment Strategies </b>The Underlying Index consists of stocks traded primarily on the Paris Stock Exchange. Components primarily include consumer discretionary, energy, financial, healthcare and industrials companies. The components of the Underlying Index, and the degree to which these components represent certain industries, may change over time. <br /><br />BFA uses a &#8220;passive&#8221; or indexing approach to try to achieve the Fund&#8217;s investment objective. Unlike many investment companies, the Fund does not try to &#8220;beat&#8221; the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. <br /><br />Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by keeping portfolio turnover low in comparison to actively managed investment companies. <br /><br />BFA uses a representative sampling indexing strategy to manage the Fund. &#8220;Representative sampling&#8221; is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability and yield) and liquidity measures similar to those of the Underlying Index. The Fund may or may not hold all of the securities in the Underlying Index. <br /><br />The Fund will at all times invest at least 80% of its assets in the securities of its Underlying Index and in depositary receipts (&#8220;DRs&#8221;) representing securities in its Underlying Index. The Fund may invest the remainder of its assets in other securities, including securities not in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index, and in other investments, including futures contracts, options on futures contracts, other types of options and swaps related to its Underlying Index, as well as cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates. <br /><br />The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of the collateral received). <br /><br />The Underlying Index is sponsored by an organization (the &#8220;Index Provider&#8221;) that is independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. The Fund&#8217;s Index Provider is MSCI Inc. (&#8220;MSCI&#8221;). <br /><br /><b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries, which may include large-, mid- or small-capitalization companies, to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.<b>Portfolio Turnover.</b><b>Principal Investment Strategies</b>iSHARES<sup>&#174</sup> MSCI MALAYSIA ETF<br/>Ticker: EWM&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock Exchange: NYSE Arca<b>Summary of Principal Risks </b><b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries, which may include large-, mid- or small-capitalization companies, to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.<b>Summary of Principal Risks </b><b>Performance Information</b>The Underlying Index is designed to measure the performance of equity securities in the emerging market countries of Europe, the Middle East and Africa. As of June 30, 2012, the Underlying Index consisted of issuers in the following eight emerging market countries: the Czech Republic, Egypt, Hungary, Morocco, Poland, Russia, South Africa and Turkey. Components primarily include energy, financial and materials companies. The components of the Underlying Index, and the degree to which these components represent certain industries, may change over time. <br /><br /> BFA uses a &#8220;passive&#8221; or indexing approach to try to achieve the Fund&#8217;s investment objective. Unlike many investment companies, the Fund does not try to &#8220;beat&#8221; the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. <br /><br /> Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by keeping portfolio turnover low in comparison to actively managed investment companies. <br /><br /> BFA uses a representative sampling indexing strategy to manage the Fund. &#8220;Representative sampling&#8221; is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability and yield) and liquidity measures similar to those of the Underlying Index. The Fund may or may not hold all of the securities in the Underlying Index. <br /><br /> The Fund generally invests at least 80% of its assets in the securities of the Underlying Index or in depositary receipts representing securities of the Underlying Index. The Fund may invest the remainder of its assets in certain futures, options and swap contracts, cash and cash equivalents, including money market funds advised by BFA or its affiliates, as well as in securities not included in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index. <br /><br /> The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of the collateral received). <br /><br /> The Underlying Index is sponsored by an organization (the &#8220;Index Provider&#8221;) that is independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. The Fund&#8217;s Index Provider is MSCI Inc. (&#8220;MSCI&#8221;). <br /><br /> <b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries, which may include large-, mid- or small-capitalization companies, to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.<b>Year by Year Returns (Years Ended December 31)</b><b>Summary of Principal Risks</b>iSHARES<sup>&#174;</sup> MSCI JAPAN ETF <br/>Ticker: EWJ&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock Exchange: NYSE Arca<b>Average Annual Total Returns<br/>(for the periods ended December 31, 2011)</b>0.00530<b>Investment Objective</b>The iShares MSCI Emerging Markets ETF (the &#8220;Fund&#8221;) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Emerging Markets Index (the &#8220;Underlying Index&#8221;).The iShares MSCI Malaysia ETF (the &#8220;Fund&#8221;) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Malaysia Index (the &#8220;Underlying Index&#8221;).<b>Fees and Expenses</b>00.0053The following table describes the fees and expenses that you will incur if you own shares of the Fund. The investment advisory agreement between iShares, Inc. (the &#8220;Company&#8221;) and BlackRock Fund Advisors (&#8220;BFA&#8221;) (the &#8220; Investment Advisory Agreement&#8221;) provides that BFA will pay all operating expenses of the Fund, except interest expenses, taxes, brokerage expenses, future distribution fees or expenses, and extraordinary expenses. &#8220;Acquired Fund Fees and Expenses&#8221; reflect the Fund's pro rata share of the fees and expenses incurred by investing in other investment companies. The impact of Acquired Fund Fees and Expenses is included in the total returns of the Fund. Acquired Fund Fees and Expenses are not used to calculate the Fund's net asset value per share (&#8220;NAV&#8221;) and are not included in the calculation of the ratio of expenses to average net assets shown in the Financial Highlights section of the Fund's prospectus (the &#8220;Prospectus&#8221;). BFA, the investment adviser to the Fund, has contractually agreed to waive a portion of its management fees in an amount equal to the Acquired Fund Fees and Expenses attributable to the Fund's investments in other iShares funds through June 30, 2014. The contractual waiver may be terminated prior to June 30, 2014 only upon written agreement of the Company and BFA. During the most recently completed fiscal year, the amount of such expenses incurred and fees waived rounded to 0.00%.<br/><br/>You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:The following table describes the fees and expenses that you will incur if you own shares of the Fund. The investment advisory agreement between iShares, Inc. (the &#8220;Company&#8221;) and BlackRock Fund Advisors (&#8220;BFA&#8221;) (the &#8220; Investment Advisory Agreement&#8221;) provides that BFA will pay all operating expenses of the Fund, except interest expenses, taxes, brokerage expenses, future distribution fees or expenses, and extraordinary expenses.<br/><br/>You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:iSHARES<sup>&#174</sup> ASIA/PACIFIC DIVIDEND ETF<br/>Ticker: DVYA&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock Exchange: NYSE Arca<b>Investment Objective </b>The iShares Asia/Pacific Dividend ETF (the &#8220;Fund&#8221;) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Dow Jones Asia/Pacific Select Dividend 30 Index (the &#8220;Underlying Index&#8221;).<b>Annual Fund Operating Expenses<br/> (ongoing expenses that you pay each year as a<br/> percentage of the value of your investments)</b>This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:<b>Investment Objective</b>54<b>Fees and Expenses </b>0.00531700The iShares MSCI Japan ETF (the &#8220;Fund&#8221;) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Japan Index (the &#8220;Underlying Index&#8221;).June 30, 201402966650.0053The following table describes the fees and expenses that you will incur if you own shares of the Fund. The investment advisory agreement between iShares, Inc. (the &#8220;Company&#8221;) and BlackRock Fund Advisors (&#8220;BFA&#8221;) (the &#8220;Investment Advisory Agreement&#8221;) provides that BFA will pay all operating expenses of the Fund, except interest expenses, taxes, brokerage expenses, future distribution fees or expenses, and extraordinary expenses.<br /><br />You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 15% of the average value of its portfolio.<b>Fees and Expenses</b>As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. The Fund is subject to the principal risks noted below, any of which may adversely affect the Fund's net asset value per share (&#8220;NAV&#8221;), trading price, yield, total return and ability to meet its investment objective. <br /><br /><b> Asset Class Risk.</b> Securities in the Underlying Index or in the Fund's portfolio may underperform in comparison to the general securities markets or other asset classes. <br /><br /><b>Concentration Risk. </b>To the extent that the Fund's investments are concentrated in a particular issuer, region, country, market, industry or asset class, the Fund may be susceptible to loss due to adverse occurrences affecting that issuer, region, country, market, industry or asset class. <br /><br /><b> Consumer Discretionary Sector Risk.</b> The consumer discretionary sector may be affected by changes in domestic and international economies, exchange and interest rates, competition, consumers' disposable income and consumer preferences, social trends and marketing campaigns. <br /><br /><b> Currency Risk.</b> Because the Fund's NAV is determined in U.S. dollars, the Fund's NAV could decline if the currency of a non-U.S. market in which the Fund invests depreciates against the U.S. dollar. <br /><br /><b> Energy Sector Risk.</b> The value of securities issued by companies in the energy sector may decline for many reasons, including, without limitation, changes in energy prices, government regulations, energy conservation efforts and potential civil liabilities. <br /><br /><b> Equity Securities Risk.</b> Equity securities are subject to changes in value and their values may be more volatile than other asset classes. <br /><br /><b> Financial Sector Risk.</b> Performance of companies in the financial sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. This sector has experienced significant losses in the recent past, and the impact of more stringent capital requirements and of recent or future regulation on any individual financial company or on the sector as a whole cannot be predicted. <br /><br /><b> Healthcare Sector Risk.</b> The healthcare sector may be affected by government regulations and government healthcare programs, increases or decreases in the cost of medical products and services and product liability claims, among other factors. Many healthcare companies are heavily dependent on patent protection and the expiration of a patent may adversely affect their profitability. Healthcare companies are subject to competitive forces that may result in price discounting, and may be thinly capitalized and susceptible to product obsolescence. <br /><br /><b> Index-Related Risk.</b> There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Index and therefore achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund&#8217;s ability to adjust its exposure to the required levels in order to track the Underlying Index. Errors in index data may occur from time to time and may not be identified and corrected for a period of time, and may have an adverse impact on the Fund and its Shareholders. <br /><br /><b> Industrials Sector Risk. </b>The industrials sector may be affected by changes in the supply and demand for products and services, product obsolescence, claims for environmental damage or product liability and general economic conditions, among other factors. <br /><br /><b> Issuer Risk.</b> Fund performance depends on the performance of individual securities to which the Fund has exposure. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline. <br /><br /><b> Management Risk. </b>As the Fund may not fully replicate the Underlying Index, it is subject to the risk that BFA's investment management strategy may not produce the intended results. <br /><br /><b> Market Risk.</b> The Fund could lose money over short periods due to short-term market movements and over longer periods during market downturns. <br /><br /><b> Market Trading Risk.</b> The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND'S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV. <br /><br /><b> Non-Diversification Risk. </b>The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund's performance may depend on the performance of a small number of issuers. <br /><br /><b> Non-U.S. Securities Risk.</b> Investments in the securities of non-U.S. issuers are subject to the risks associated with investing in those non-U.S. markets, such as heightened risks of inflation or nationalization. The Fund may lose money due to political, economic and geographic events affecting a French issuer or market. The Fund is specifically exposed to <b>European Economic Risk</b>. <br /><br /><b> Passive Investment Risk. </b>The Fund is not actively managed and BFA does not attempt to take defensive positions under any market conditions, including declining markets. <br /><br /><b> Reliance on Trading Partners Risk. </b>The Fund invests in a country whose economy is heavily dependent upon trading with key partners. Any reduction in this trading may have an adverse impact on the Fund's investments. The Fund is specifically exposed to <b>European Economic Risk</b> and <b>U.S. Economic Risk</b>. <br /><br /><b> Risk of Investing in France.</b> The Fund&#8217;s investment in French issuers may subject the Fund to legal, regulatory, political, currency, security, and economic risk specific to France. The French economy, along with certain other European Union (&#8220;EU&#8221;) economies, experienced a significant economic slowdown during the recent financial crisis. Recently, new concerns emerged with respect to the economic outlook for certain EU countries, including France. As a result, the French economy has experienced significant volatility and adverse trends due to concerns about prolonged economic downturn and rising government debt levels. The French economy is dependent on agricultural exports, and as a result, is susceptible to fluctuations in demand for agricultural products. <br /><br /><b> Securities Lending Risk.</b> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may lose money because the borrower of the Fund's loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of the collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund. <br /><br /><b> Structural Risk.</b> The country in which the Fund invests may be subject to considerable degrees of economic, political and social instability. <br /><br /><b> Tracking Error Risk.</b> Tracking error is the divergence of the Fund&#8217;s performance from that of the Underlying Index. Tracking error may occur because of differences between the securities held in the Fund&#8217;s portfolio and those included in the Underlying Index, pricing differences, transaction costs, the Fund&#8217;s holding of cash, differences in timing of the accrual of dividends, changes to the Underlying Index or the need to meet various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Underlying Index does not.<br /><br /><b> Valuation Risk.</b> The sale price the Fund could receive for a security may differ from the Fund's valuation of the security&#8201;and may differ from the value used by the Underlying Index, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. In addition, the value of the securities in the Fund's portfolio may change on days when shareholders will not be able to purchase or sell the Fund's shares.0.006800.150As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments.0<b>Non-Diversification Risk. </b>The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund's performance may depend on the performance of a small number of issuers.0.0068The following table describes the fees and expenses that you will incur if you own shares of the Fund. The investment advisory agreement between iShares, Inc. (the &#8220;Company&#8221;) and BlackRock Fund Advisors (&#8220;BFA&#8221;) (the &#8220; Investment Advisory Agreement&#8221;) provides that BFA will pay all operating expenses of the Fund, except interest expenses, taxes, brokerage expenses, future distribution fees or expenses, and extraordinary expenses.<br/><br/>You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:<b>Annual Fund Operating Expenses</b><br/><b>(ongoing expenses that you pay each year as a</b><br/><b>percentage of the value of your investments)</b><b>Example.</b>You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:-0.0019This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:<b>Performance Information </b>0.004954The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund. Both assume that all dividends and distributions have been reinvested in the Fund. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Supplemental information about the Fund&#8217;s performance is shown under the heading Total Return Information in the Supplemental Information section of the Fund's prospectus (the &#8220;Prospectus&#8221;).0.0049170029606650.0049The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund.You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:50171<b>Example. </b><b>Portfolio Turnover.</b>This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 24% of the average value of its portfolio.0.24Acquired Fund Fees and Expenses are not used to calculate the Fund's net asset value per share (&#8220;NAV&#8221;) and are not included in the calculation of the ratio of expenses to average net assets shown in the Financial Highlights section of the Fund's prospectus (the &#8220;Prospectus&#8221;).<b>Annual Fund Operating Expenses <br/>(ongoing expenses that you pay each year as a<br/> percentage of the value of your investments)</b>1-800-iShares (1-800-474-2737) (toll free)<b>Principal Investment Strategies</b>www.iShares.com0.0053500Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.01570.0053<b>Year by Year Returns (Years Ended December 31)</b><b>Average Annual Total Returns<br/>(for the periods ended December 31, 2011)</b><b>Portfolio Turnover. </b>The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund&#8217;s performance. From inception, February 23, 2012, to the most recent fiscal year end, the Fund&#8217;s portfolio turnover rate was 1% of the average value of its portfolio.<b>Principal Investment Strategies </b><b>Example.</b>-0.19970.39620.1846As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. The Fund is subject to the principal risks noted below, any of which may adversely affect the Fund's net asset value per share (&#8220;NAV&#8221;), trading price, yield, total return and ability to meet its investment objective. <br /><br /> <b>Asset Class Risk.</b> Securities in the Underlying Index or in the Fund's portfolio may underperform in comparison to the general securities markets or other asset classes. <br /><br /> <b>Commodity Exposure Risk.</b> The Fund invests in economies that are susceptible to fluctuations in certain commodity markets. Any negative changes in commodity markets could have an adverse impact on those economies. <br /><br /> <b>Concentration Risk.</b> To the extent that the Fund's investments are concentrated in a particular issuer, region, country, market, industry or asset class, the Fund may be susceptible to loss due to adverse occurrences affecting that issuer, region, country, market, industry or asset class. <br /><br /> <b>Currency Risk.</b> Because the Fund's NAV is determined in U.S. dollars, the Fund's NAV could decline if the currency of a non-U.S. market in which the Fund invests depreciates against the U.S. dollar. <br /><br /> <b>Custody Risk.</b> Less developed markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by local banks, agents and depositories. <br /><br /> <b>Energy Sector Risk.</b> The value of securities issued by companies in the energy sector may decline for many reasons, including, without limitation, changes in energy prices, government regulations, energy conservation efforts and potential civil liabilities. <br /><br /> <b>Equity Securities Risk.</b> Equity securities are subject to changes in value and their values may be more volatile than other asset classes. <br /><br /> <b>Financial Sector Risk.</b> Performance of companies in the financial sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. This sector has experienced significant losses in the recent past, and the impact of more stringent capital requirements and of recent or future regulation on any individual financial company or on the sector as a whole cannot be predicted. <br /><br /> <b>Geographic Risk.</b> A natural or other disaster could occur in a geographic region in which the Fund invests, which could affect the economy or particular business operations of companies in the specific geographic region, causing an adverse impact on the Fund's investments in the affected region. <br /><br /> <b>Index-Related Risk.</b> There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Index and therefore achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund&#8217;s ability to adjust its exposure to the required levels in order to track the Underlying Index. Errors in index data may occur from time to time and may not be identified and corrected for a period of time, and may have an adverse impact on the Fund and its Shareholders. <br /><br /> <b>Issuer Risk.</b> Fund performance depends on the performance of individual securities to which the Fund has exposure. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline. <br /><br /> <b>Management Risk.</b> As the Fund may not fully replicate the Underlying Index, it is subject to the risk that BFA's investment management strategy may not produce the intended results. <br /><br /> <b>Market Risk.</b> The Fund could lose money over short periods due to short-term market movements and over longer periods during market downturns. <br /><br /> <b>Market Trading Risk.</b> The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND'S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV. <br /><br /> <b>Materials Sector Risk.</b> Companies in the materials sector may be adversely impacted by the volatility of commodity prices, exchange rates, depletion of resources, over-production, litigation and government regulations, among other factors. <br /><br /> <b>Non-Diversification Risk.</b> The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund's performance may depend on the performance of a small number of issuers. <br /><br /> <b>Non-U.S. Securities Risk.</b> Investments in the securities of non-U.S. issuers are subject to the risks associated with investing in those non-U.S. markets, such as heightened risks of inflation or nationalization. The Fund may lose money due to political, economic and geographic events affecting a non-U.S. issuer or market. The Fund is specifically exposed to <b>African Economic Risk</b> and <b>Eastern European Economic Risk</b>. <br /><br /> <b>Passive Investment Risk.</b> The Fund is not actively managed and BFA does not attempt to take defensive positions under any market conditions, including declining markets. <br /><br /> <b>Privatization Risk.</b> Some countries in which the Fund invests have privatized, or have begun the process of privatizing, certain entities and industries. Privatized entities may lose money or be re-nationalized. <br /><br /> <b>Reliance on Trading Partners Risk.</b> The Fund invests in countries whose economies are heavily dependent upon trading with key partners. Any reduction in this trading may have an adverse impact on the Fund's investments. The Fund is specifically exposed to <b>European Economic Risk</b>. <br /><br /> <b>Risk of Investing in Emerging Markets.</b> The Fund's investments in emerging markets may be subject to a greater risk of loss than investments in more developed markets. Emerging markets may be more likely to experience inflation risk, political turmoil and rapid changes in economic conditions than more developed markets. Emerging markets often have less uniformity in accounting and reporting requirements, unreliable securities valuation and greater risk associated with custody of securities. <br /><br /> <b>Risk of Investing in Russia.</b> Investing in Russian securities involves significant risks, including legal, regulatory and economic risks that are specific to Russia. In addition, investing in Russian securities involves risks associated with the settlement of portfolio transactions and loss of the Fund&#8217;s ownership rights in its portfolio securities, as a result of the system of share registration and custody in Russia. <br /><br /> <b>Risk of Investing in South Africa.</b> Investing in South African securities involves significant risks, including legal, regulatory and economic risks specific to South Africa. Among other things, South Africa's economy is heavily dependent on its agriculture and mining sectors, and, thus, susceptible to fluctuations in the commodity markets. <br /><br /> <b>Securities Lending Risk.</b> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may lose money because the borrower of the Fund's loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of the collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund. <br /><br /> <b>Securities Market Risk.</b> Non-U.S. securities markets may trade a small number of securities and may be unable to respond effectively to increases in trading volume, potentially making prompt liquidation of holdings difficult or impossible at times. <br /><br /> <b>Security Risk.</b> Some countries and regions in which the Fund invests have experienced security concerns. Incidents involving a country's or region's security may cause uncertainty in these markets and may adversely affect their economies and the Fund's investments. <br /><br /> <b>Structural Risk.</b> The countries in which the Fund invests may be subject to considerable degrees of economic, political and social instability. <br /><br /> <b>Tracking Error Risk.</b> Tracking error is the divergence of the Fund&#8217;s performance from that of the Underlying Index. Tracking error may occur because of differences between the securities held in the Fund&#8217;s portfolio and those included in the Underlying Index, pricing differences, transaction costs, the Fund&#8217;s holding of cash, differences in timing of the accrual of dividends, changes to the Underlying Index or the need to meet various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Underlying Index does not. BFA EXPECTS THAT THE FUND MAY EXPERIENCE HIGHER TRACKING ERROR THAN IS TYPICAL FOR SIMILAR INDEX EXCHANGE-TRADED FUNDS. <br /><br /> <b>Valuation Risk.</b> The sale price the Fund could receive for a security may differ from the Fund's valuation of the security&#8201;and may differ from the value used by the Underlying Index, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. In addition, the value of the securities in the Fund's portfolio may change on days when shareholders will not be able to purchase or sell the Fund's shares.0.09530.34010.1301-0.43330.3165-0.0429-0.1687This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:<b>Performance Information </b>iSHARES<sup>&#174</sup> EMERGING MARKETS DIVIDEND ETF <br/>Ticker: DVYE&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock Exchange: NYSE ArcaAs of the date of the Fund's prospectus (the &#8220;Prospectus&#8221;), the Fund has been in operation for less than one full calendar year and therefore does not report its performance information.<b>Investment Objective</b>The iShares Emerging Markets Dividend ETF (the &#8220;Fund&#8221;) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Dow Jones Emerging Markets Select Dividend Index (the &#8220;Underlying Index&#8221;).<b>Fees and Expenses</b>The following table describes the fees and expenses that you will incur if you own shares of the Fund. The investment advisory agreement between iShares, Inc. (the &#8220;Company&#8221;) and BlackRock Fund Advisors (&#8220;BFA&#8221;) (the &#8220;Investment Advisory Agreement&#8221;) provides that BFA will pay all operating expenses of the Fund, except interest expenses, taxes, brokerage expenses, future distribution fees or expenses, and extraordinary expenses. &#8220;Acquired Fund Fees and Expenses&#8221; reflect the Fund&#8217;s pro rata share of the fees and expenses incurred by investing in other investment companies. The impact of Acquired Fund Fees and Expenses is included in the total returns of the Fund. Acquired Fund Fees and Expenses are not used to calculate the Fund&#8217;s net asset value per share (&#8220;NAV&#8221;) and are not included in the calculation of the ratio of expenses to average net assets shown in the Financial Highlights section of the Fund&#8217;s prospectus (the &#8220;Prospectus&#8221;). BFA, the investment adviser to the Fund, has contractually agreed to waive a portion of its management fees in an amount equal to the Acquired Fund Fees and Expenses attributable to the Fund&#8217;s investments in other iShares funds through December 31, 2014. In addition, BFA has entered into a Fee Waiver Agreement with the Company, under which BFA agrees to waive a portion of the management fee that it is entitled to receive from the Fund in an amount equal to 0.19%. The Fee Waiver Agreement remains in effect until December 31, 2014. After giving effect to the fee waiver, BFA will receive a management fee based on a percentage of the Fund&#8217;s average daily net assets, at the annual rate of 0.49%. Each contractual waiver may be terminated prior to December 31, 2014 only upon written agreement of the Company and BFA.<br/><br/>You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:54The Underlying Index measures the stock performance of high dividend paying companies listed in Australia, China, Hong Kong, Japan, New Zealand and Singapore. The Underlying Index measures the performance of a selected group of equity securities issued by companies that have provided relatively high dividend yields on a consistent basis over time. Dividend yield is calculated using a stock&#8217;s unadjusted indicated annual dividend (not including any special dividends) divided by its unadjusted price. <br /><br />The Underlying Index universe is defined as all companies in the Dow Jones Global Indexes<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">SM</sup> (&#8220;DJGI&#8221;) country indexes for the represented markets that pass the following screens for dividend quality: (i) the company must have paid dividends in each of the previous three years; (ii) the company&#8217;s previous-year dividend-per-share ratio must be greater than or equal to its three-year average annual dividend per-share ratio; (iii) the company&#8217;s five-year average payout ratio must be less than 1.5 times the five-year average payout ratio of the corresponding DJGI country index, or less than 85%, whichever is smaller; and (iv) the company must have an average daily trading volume of at least $3 million over the past three months. A DJGI country index&#8217;s components are included in the index universe regardless of their dividend payout ratio or trading volume. Components primarily include consumer services, financial and telecommunications companies. The components of the Underlying Index, and the degree to which these components represent certain industries, may change over time. <br /><br />BFA uses a &#8220;passive&#8221; or indexing approach to try to achieve the Fund&#8217;s investment objective. Unlike many investment companies, the Fund does not try to &#8220;beat&#8221; the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. <br /><br />Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by keeping portfolio turnover low in comparison to actively managed investment companies. <br /><br />BFA uses a representative sampling indexing strategy to manage the Fund. &#8220;Representative sampling&#8221; is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability and yield) and liquidity measures similar to those of the Underlying Index. The Fund may or may not hold all of the securities in the Underlying Index. <br /><br />The Fund generally invests at least 90% of its assets in securities of the Underlying Index or in depositary receipts representing securities in the Underlying Index. The Fund may invest the remainder of its assets in securities not included in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index, and in other investments, including futures contracts, options on futures contracts, options, and swaps related to its Underlying Index, as well as cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates. <br /><br />The Fund may lend securities representing up to one-third of the value of the Fund&#8217;s total assets (including the value of the collateral received). <br /><br />The Underlying Index is sponsored by an organization (the &#8220;Index Provider&#8221;) that is independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. The Fund&#8217;s Index Provider is S&amp;P Dow Jones Indices LLC.<br /><br /><b>Industry Concentration Policy. </b>The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries, which may include large-, mid- or small-capitalization companies, to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.<b>Annual Fund Operating Expenses</b><br/><b>(ongoing expenses that you pay each year as a</b><br/><b>percentage of the value of your investments)</b>170<b>Example.</b>This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:296<b>Portfolio Turnover.</b>The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund&#8217;s performance. From inception, February 23, 2012, to the most recent fiscal year end, the Fund&#8217;s portfolio turnover rate was 2% of the average value of its portfolio.<b>Principal Investment Strategies</b>The Underlying Index measures the performance of a group of equity securities issued by companies in emerging market countries that have provided relatively high dividend yields on a consistent basis over time. Dividend yield is calculated using a stock&#8217;s unadjusted indicated annual dividend (not including any special dividends) divided by its unadjusted price. The starting universe for the Underlying Index is the Dow Jones Emerging Markets Total Stock Market Specialty Index, excluding countries classified as frontier markets.<br/><br/>As of March 31, 2012, the Underlying Index consisted of issuers in the following countries: Brazil, Chile, China, the Czech Republic, Egypt, Hungary, India, Indonesia, Malaysia, Morocco, the Philippines, Poland, Russia, South Africa, South Korea, Taiwan, Thailand and Turkey. Components primarily include basic materials, consumer goods, industrials and telecommunications companies. The components of the Underlying Index, and the degree to which these components represent certain industries, may change over time.<br/><br/>BFA uses a &#8220;passive&#8221; or indexing approach to try to achieve the Fund&#8217;s investment objective. Unlike many investment companies, the Fund does not try to &#8220;beat&#8221; the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued.<br/><br/>Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by keeping portfolio turnover low in comparison to actively managed investment companies.<br/><br/>BFA uses a representative sampling indexing strategy to manage the Fund. &#8220;Representative sampling&#8221; is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability and yield) and liquidity measures similar to those of the Underlying Index. The Fund may or may not hold all of the securities in the Underlying Index.<br/><br/>The Fund generally invests at least 80% of its assets in the securities of the Underlying Index or in depositary receipts representing securities of the Underlying Index. The Fund may invest the remainder of its assets in securities not included in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index. The Fund may invest its other assets in other investments, including futures contracts, options on futures contracts, options, and swaps related to the Underlying Index, as well as cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates.<br/><br/>The Fund may lend securities representing up to one-third of the value of the Fund&#8217;s total assets (including the value of the collateral received).<br/><br/>The Underlying Index is sponsored by an organization (the &#8220;Index Provider&#8221;) that is independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. The Fund&#8217;s Index Provider is S&amp;P Dow Jones Indices LLC.<br/><br/><b>Industry Concentration Policy. </b>The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries, which may include large-, mid- or small-capitalization companies, to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.<b>Summary of Principal Risks</b><b>Summary of Principal Risks </b><b>Performance Information</b>As of the date of the Prospectus, the Fund has been in operation for less than one full calendar year and therefore does not report its performance information.The Underlying Index consists of stocks traded primarily on the Kuala Lumpur Stock Exchange. Components primarily include consumer staples, financial, industrials and telecommunications services companies. The components of the Underlying Index, and the degree to which these components represent certain industries, may change over time. <br /><br />BFA uses a &#8220;passive&#8221; or indexing approach to try to achieve the Fund&#8217;s investment objective. Unlike many investment companies, the Fund does not try to &#8220;beat&#8221; the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. <br /><br />Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by keeping portfolio turnover low in comparison to actively managed investment companies. <br /><br />BFA uses a representative sampling indexing strategy to manage the Fund. &#8220;Representative sampling&#8221; is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability and yield) and liquidity measures similar to those of the Underlying Index. The Fund may or may not hold all of the securities in the Underlying Index. <br /><br />The Fund will at all times invest at least 90% of its assets in the securities of its Underlying Index and in depositary receipts (&#8220;DRs&#8221;) representing securities in its Underlying Index. The Fund may invest the remainder of its assets in other securities, including securities not in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index, and in other investments, including futures contracts, options on futures contracts, other types of options and swaps related to its Underlying Index, as well as cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates. <br /><br />The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of the collateral received). <br /><br />The Underlying Index is sponsored by an organization (the &#8220;Index Provider&#8221;) that is independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. The Fund&#8217;s Index Provider is MSCI Inc. (&#8220;MSCI&#8221;). <br /><br /><b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries, which may include large-, mid- or small-capitalization companies, to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.665The Underlying Index is designed to measure equity market performance in the global emerging markets. As of June 30, 2012, the Underlying Index consisted of the following 21 emerging market indexes: Brazil, Chile, China, Colombia, the Czech Republic, Egypt, Hungary, India, Indonesia, Malaysia, Mexico, Morocco, Peru, the Philippines, Poland, Russia, South Africa, South Korea, Taiwan, Thailand and Turkey. Components primarily include energy, financial, information technology and materials companies. The components of the Underlying Index, and the degree to which these components represent certain industries, may change over time.<br/><br/>BFA uses a &#8220;passive&#8221; or indexing approach to try to achieve the Fund&#8217;s investment objective. Unlike many investment companies, the Fund does not try to &#8220;beat&#8221; the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued.<br/><br/>Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by keeping portfolio turnover low in comparison to actively managed investment companies.<br/><br/>BFA uses a representative sampling indexing strategy to manage the Fund. &#8220;Representative sampling&#8221; is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability and yield) and liquidity measures similar to those of the Underlying Index. The Fund may or may not hold all of the securities in the Underlying Index.<br/><br/>The Fund generally invests at least 90% of its assets in the securities of its Underlying Index and in depositary receipts representing securities in its Underlying Index. The Fund may invest the remainder of its assets in other securities, including securities not in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index, and in other investments, including futures contracts, options on futures contracts, other types of options and swaps related to its Underlying Index, as well as cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates. BFA will waive portfolio management fees in an amount equal to the portfolio management fees of such other iShares funds for any portion of the Fund's assets invested in shares of such other funds.<br/><br/>The Fund invests all of its assets that are invested in India in a wholly owned subsidiary located in the Republic of Mauritius (the &#8220;Subsidiary&#8221;). BFA serves as investment adviser to both the Fund and the Subsidiary. Unless otherwise indicated, the term &#8220;Fund,&#8221; as used in this Prospectus, means the Fund and/or the Subsidiary, as applicable.<br/><br/>The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of the collateral received).<br/><br/>The Underlying Index is sponsored by an organization (the &#8220;Index Provider&#8221;) that is independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. The Fund&#8217;s Index Provider is MSCI Inc. (&#8220;MSCI&#8221;).<br/><br/><b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries, which may include large-, mid- or small-capitalization companies, to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.<b>Summary of Principal Risks</b><b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries, which may include large-, mid- or small-capitalization companies, to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.The best calendar quarter return during the periods shown above was 26.41% in the 3rd quarter of 2009; the worst was -29.90% in the 3rd quarter of 2011. <br/><br/>Updated performance information is available at www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:<b>Portfolio Turnover.</b>The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 3% of the average value of its portfolio.best2009-09-30December 31, 2014<b>Principal Investment Strategies</b>0.2641You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:worst2011-09-30-0.299The Fund&#8217;s total return for the nine months ended2012-09-300.09680.050.02150.01120.01230.0269As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. The Fund is subject to the principal risks noted below, any of which may adversely affect the Fund's NAV, trading price, yield, total return and ability to meet its investment objective.<br/><br/><b>Asset Class Risk.</b> Securities in the Underlying Index or in the Fund's portfolio may underperform in comparison to the general securities markets or other asset classes.<br/><br/><b>Commodity Exposure Risk.</b> The Fund invests in economies that are susceptible to fluctuations in certain commodity markets. Any negative changes in commodity markets could&nbsp;have an adverse impact on those economies.<br/><br/><b>Concentration Risk.</b> To the extent that the Fund's investments are concentrated in a particular issuer, region, country, market, industry or asset class, the Fund may be susceptible to loss due to adverse occurrences affecting that issuer, region, country, market, industry or asset class.<br/><br/><b>Currency Risk.</b> Because the Fund's NAV is determined in U.S. dollars, the Fund's NAV could decline if the currency of a non-U.S. market in which the Fund invests depreciates against the U.S. dollar.<br/><br/><b>Custody Risk.</b> Less developed markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by local banks, agents and depositories.<br/><br/><b>Energy Sector Risk.</b> The value of securities issued by companies in the energy sector may decline for many reasons, including, without limitation, changes in energy prices, government regulations, energy conservation efforts and potential civil liabilities.<br/><br/><b>Equity Securities Risk.</b> Equity securities are subject to changes in value and their values may be more volatile than other asset classes.<br/><br/><b>Financial Sector Risk.</b> Performance of companies in the financial sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. This sector has experienced significant losses in the recent past, and the impact of more stringent capital requirements and of recent or future regulation on any individual financial company or on the sector as a whole cannot be predicted.<br/><br/><b>Geographic Risk.</b> A natural or other disaster could occur in a geographic region in which the Fund invests, which could affect the economy or particular business operations of companies in the specific geographic region, causing an adverse impact on the Fund's investments in the affected region.<br/><br/><b>Index-Related Risk.</b> There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Index and therefore achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund&#8217;s ability to adjust its exposure to the required levels in order to track the Underlying Index. Errors in index data may occur from time to time and may not be identified and corrected for a period of time, and may have an adverse impact on the Fund and its Shareholders.<br/><br/><b>Information Technology Sector Risk.</b> Information technology companies face intense competition and potentially rapid product obsolescence. They are also heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights.<br/><br/><b>Issuer Risk.</b> Fund performance depends on the performance of individual securities to which the Fund has exposure. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline.<br/><br/><b>Management Risk.</b> As the Fund may not fully replicate the Underlying Index, it is subject to the risk that BFA's&nbsp;investment management strategy may not produce the intended results.<br/><br/><b>Market Risk.</b> The Fund could lose money over short periods due to short-term market movements and over longer periods during market downturns.<br/><br/><b>Market Trading Risk.</b> The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND'S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV.<br/><br/><b>Materials Sector Risk.</b> Companies in the materials sector may be adversely impacted by the volatility of commodity prices, exchange rates, depletion of resources, over-production, litigation and government regulations, among other factors.<br/><br/><b>Non-U.S. Securities Risk.</b> Investments in the securities of non-U.S. issuers are subject to the risks associated with investing in those non-U.S. markets, such as heightened risks of inflation or nationalization. The Fund may lose money due to political, economic and geographic events affecting a non-U.S. issuer or market. The Fund is specifically exposed to <b>Asian Economic Risk</b> and <b>Central and South American Economic Risk</b>.<br/><br/> <b>Passive Investment Risk.</b> The Fund is not actively managed and BFA does not attempt to take defensive positions under any market conditions, including declining markets.<br/><br/><b>Privatization Risk.</b> Some countries in which the Fund invests have privatized, or have begun the process of privatizing, certain entities and industries. Privatized entities may lose money or be re-nationalized.<br/><br/><b>Reliance on Trading Partners Risk.</b> The Fund invests in countries whose economies are heavily dependent upon trading with key partners. Any reduction in this trading may have an adverse impact on the Fund's investments. The Fund is specifically exposed to <b>Asian Economic Risk</b>, <b>Central and South American Economic Risk</b>, <b>European Economic Risk</b> and <b>U.S. Economic Risk</b>.<br/><br/><b>Risk of Investing in Emerging Markets.</b> The Fund's investments in emerging markets may be subject to a greater risk of loss than investments in more developed markets. Emerging markets may be more likely to experience inflation risk, political turmoil and rapid changes in economic conditions than more developed markets. Emerging markets often have less uniformity in accounting and reporting requirements, unreliable securities valuation and greater risk associated with custody of securities.<br/><br/><b>Risk of Investing in India.</b> Investments in Indian issuers involves risks that are specific to India, including legal, regulatory, political and economic risks. The securities markets in India are relatively underdeveloped and may subject the Fund to higher transaction costs or greater uncertainty than investments in more developed securities markets.<br/><br/><b>Risk of Investing in Russia.</b> Investing in Russian securities involves significant risks, including legal, regulatory and economic risks that are specific to Russia. In addition, investing in Russian securities involves risks associated with the settlement of portfolio transactions and loss of the Fund&#8217;s ownership rights in its portfolio securities, as a result of the system of share registration and custody in Russia.<br/><br/> <b>Securities Lending Risk.</b> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may lose money because the borrower of the Fund's loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of the collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.<br/><br/><b>Securities Market Risk.</b> Non-U.S. securities markets may trade a small number of securities and may be unable to respond effectively to increases in trading volume, potentially making prompt liquidation of holdings difficult or impossible at times.<br/><br/><b>Security Risk.</b> Some countries and regions in which the Fund invests have experienced security concerns. Incidents involving a country's or region's security may cause uncertainty in these markets and may adversely affect their economies and the Fund's investments.<br/><br/><b>Structural Risk.</b> The countries in which the Fund invests may be subject to considerable degrees of economic, political and social instability.<br/><br/><b>Tracking Error Risk.</b> Tracking error is the divergence of the Fund&#8217;s performance from that of the Underlying Index. Tracking error may occur because of differences between the securities held in the Fund&#8217;s portfolio and those included in the Underlying Index, pricing differences, transaction costs, the Fund&#8217;s holding of cash, differences in timing of the accrual of dividends, changes to the Underlying Index or the need to meet various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Underlying Index does not. BFA EXPECTS THAT THE FUND MAY EXPERIENCE HIGHER TRACKING ERROR THAN IS TYPICAL FOR SIMILAR INDEX EXCHANGE-TRADED FUNDS.<br/><br/><b>Treaty/Tax Risk.</b> The Fund and the Subsidiary rely on the Double Tax Avoidance Agreement between India and Mauritius (&#8220;DTAA&#8221;) for relief from certain Indian taxes. Treaty renegotiation (particularly to introduce a limitation of benefit clause) or recent legislative changes may result in the Fund withdrawing from the Subsidiary, which may result in higher taxes and/or lower returns for the Fund.<br/><br/><b>Valuation Risk.</b> The sale price the Fund could receive for a security may differ from the Fund's valuation of the security&#8201;and may differ from the value used by the Underlying Index, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. In addition, the value of the securities in the Fund's portfolio may change on days when shareholders will not be able to purchase or sell the Fund's shares.0.07890.06960.06370.0861<b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries, which may include large-, mid- or small-capitalization companies, to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.December 31, 2014The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund. Both assume that all dividends and distributions have been reinvested in the Fund. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Supplemental information about the Fund&#8217;s performance is shown under the heading Total Return Information in the Supplemental Information section of the Prospectus. If BFA had not waived certain Fund fees during certain periods, the Fund's returns would have been lower.0.02You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments.-0.1687-0.1686-0.0999-0.1687Acquired Fund Fees and Expenses are not used to calculate the Fund&#8217;s net asset value per share (&#8220;NAV&#8221;) and are not included in the calculation of the ratio of expenses to average net assets shown in the Financial Highlights section of the Fund&#8217;s prospectus (the &#8220;Prospectus&#8221;).<b>Industry Concentration Policy. </b>The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries, which may include large-, mid- or small-capitalization companies, to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.-0.0767-0.0768-0.0586-0.0756As with any investment, you could lose all or part of your investment in the Fund, and the Fund&#8217;s performance could trail that of other investments.0.02680.02580.02620.0288The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund.<b>Non-Diversification Risk.</b> The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund&#8217;s performance may depend on the performance of a small number of issuers.As of the date of the Prospectus, the Fund has been in operation for less than one full calendar year and therefore does not report its performance information.<b>Non-Diversification Risk.</b> The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund's performance may depend on the performance of a small number of issuers.Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.As of the date of the Fund's prospectus (the &#8220;Prospectus&#8221;), the Fund has been in operation for less than one full calendar year and therefore does not report its performance information.1-800-iShares (1-800-474-2737) (toll free)-0.1634-0.1706-0.1059-0.1602The Underlying Index consists of stocks traded primarily on the Tokyo Stock Exchange. Components primarily include consumer discretionary, financial and industrials companies. The components of the Underlying Index, and the degree to which these components represent certain industries, may change over time.<br/><br/>BFA uses a &#8220;passive&#8221; or indexing approach to try to achieve the Fund&#8217;s investment objective. Unlike many investment companies, the Fund does not try to &#8220;beat&#8221; the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued.<br/><br/>Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by keeping portfolio turnover low in comparison to actively managed investment companies.<br/><br/>BFA uses a representative sampling indexing strategy to manage the Fund. &#8220;Representative sampling&#8221; is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability and yield) and liquidity measures similar to those of the Underlying Index. The Fund may or may not hold all of the securities in the Underlying Index.<br/><br/>The Fund will at all times invest at least 90% of its assets in the securities of its Underlying Index and in depositary receipts (&#8220;DRs&#8221;) representing securities in its Underlying Index. The Fund may invest the remainder of its assets in other securities, including securities not in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index, and in other investments, including futures contracts, options on futures contracts, other types of options and swaps related to its Underlying Index, as well as cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates.<br/><br/>The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of the collateral received).<br/><br/>The Underlying Index is sponsored by an organization (the &#8220;Index Provider&#8221;) that is independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. The Fund&#8217;s Index Provider is MSCI Inc. (&#8220;MSCI&#8221;).<br/><br/><b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries, which may include large-, mid- or small-capitalization companies, to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.The best calendar quarter return during the periods shown above was 31.57% in the 2nd quarter of 2009; the worst was -26.18% in the 4th quarter of 2008.<br/><br/>Updated performance information is available at www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).As with any investment, you could lose all or part of your investment in the Fund, and the Fund&#8217;s performance could trail that of other investments. The Fund is subject to the principal risks noted below, any of which may adversely affect the Fund&#8217;s net asset value per share (&#8220;NAV&#8221;), trading price, yield, total return and ability to meet its investment objective.<br /><br /><b>Asset Class Risk.</b> Securities in the Underlying Index or in the Fund&#8217;s portfolio may underperform in comparison to the general securities markets or other asset classes.<br /><br /><b>Concentration Risk. </b>To the extent that the Fund&#8217;s investments are concentrated in a particular issuer or issuers in a particular country, group of countries, region, market, industry, group of industries, sector or asset class, the Fund may be susceptible to loss due to adverse occurrences affecting that issuer or issuers, country, group of countries, region, market, industry, group of industries, sector or asset class.<br /><br /><b>Consumer Services Sector Risk. </b>The consumer services sector may be affected by changes in the domestic and international economy, exchange rates, competition, consumers&#8217; disposable income and consumer preferences.<br /><br /><b>Currency Risk.</b> Because the Fund&#8217;s NAV is determined in U.S. dollars, the Fund&#8217;s NAV could decline if the currency of a non-U.S. market in which the Fund invests depreciates against the U.S. dollar.<br /><br /><b>Custody Risk.</b> Less developed markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by local banks, agents and depositories.<br /><br /><b>Dividend-Paying Stock Risk. </b>The Fund&#8217;s emphasis on dividend-paying stocks involves the risk that such stocks may fall out of favor with investors and underperform the market. Also, a company may reduce or eliminate its dividend.<br /><br /><b>Equity Securities Risk.</b> Equity securities are subject to changes in value and their values may be more volatile than other asset classes.<br /><br /><b>Financial Sector Risk.</b> Performance of companies in the financial sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. This sector has experienced significant losses in the recent past, and the impact of more stringent capital requirements and of recent or future regulation on any individual financial company or on the sector as a whole cannot be predicted.<br /><br /><b>Geographic Risk.</b> A natural or other disaster could occur in a geographic region in which the Fund invests, which could affect the economy or particular business operations of companies in the specific geographic region, causing an adverse impact on the Fund&#8217;s investments in the affected region.<br /><br /><b>Index-Related Risk. </b> There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Index and therefore achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund&#8217;s ability to adjust its exposure to the required levels in order to track the Underlying Index. Errors in index data may occur from time to time and may not be identified and corrected for a period of time, and may have an adverse impact on the Fund and its Shareholders.<br /><br /><b>Issuer Risk.</b> Fund performance depends on the performance of individual securities to which the Fund has exposure. Changes to the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline. There is no guarantee that an issuer that paid dividends in the past will continue to do so in the future or will continue paying dividends at the same level.<br /><br /><b>Management Risk. </b>As the Fund may not fully replicate the Underlying Index, it is subject to the risk that BFA&#8217;s investment management strategy may not produce the intended results.<br /><br /><b>Market Risk. </b>The Fund could lose money over short periods due to short-term market movements and over longer periods during market downturns.<br /><br /><b>Market Trading Risk. </b>The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND&#8217;S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV.<br /><br /><b>Mid-Capitalization Companies Risk. </b><br />The Fund may invest in the securities of mid-capitalization companies. Compared to large-capitalization companies, mid-capitalization companies may be less stable and more susceptible to adverse developments, and their securities may be more volatile and less liquid.<br /><br /><b>Non-Diversification Risk. </b>The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund&#8217;s performance may depend on the performance of a small number of issuers.<br /><br /><b>Non-U.S. Securities Risk. </b>Investments in the securities of non-U.S. issuers are subject to the risks associated with investing in those non-U.S. markets, such as heightened risks of inflation or nationalization. The Fund may lose money due to political, economic and geographic events affecting a non-U.S. issuer or market. The Fund is specifically exposed to <b>Asian Economic Risk </b>and <b>Australasian Economic Risk</b>.<br /><br /><b>Passive Investment Risk. </b>The Fund is not actively managed and BFA does not attempt to take defensive positions under any market conditions, including declining markets.<br /><br /><b>Reliance on Trading Partners Risk. </b><br />The Fund invests in countries whose economies are heavily dependent upon trading with key partners. Any reduction in this trading may have an adverse impact on the Fund&#8217;s investments. The Fund is specifically exposed to <b>Asian Economic Risk </b>and <b>U.S. Economic Risk</b>.<br /><br /><b>Risk of Investing in Australia. </b>The Fund&#8217;s investment in Australian issuers may subject the Fund to regulatory, political, currency, security, and economic risk specific to Australia. The Australian economy is heavily dependent on exports from the agricultural and mining sectors. This makes the Australian economy susceptible to fluctuations in the commodity markets. Australia is also dependent on trading with key trading partners. Any reduction in this trading may cause an adverse impact on the Australian economy. As result, such risks may adversely affect the value of the Fund&#8217;s investments.<br /><br /><b>Securities Lending Risk. </b>The Fund may engage in securities lending. Securities lending involves the risk that the Fund may lose money because the borrower of the Fund&#8217;s loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of the collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.<br /><br /><b>Telecommunications Sector Risk. </b>Companies in the telecommunications sector may be affected by industry competition, substantial capital requirements, government regulation and obsolescence of telecommunications products and services due to technological advancement.<br /><br /><b>Tracking Error Risk. </b>Tracking error is the divergence of the Fund&#8217;s performance from that of the Underlying Index. Tracking error may occur because of imperfect correlation between the Fund&#8217;s holdings of portfolio securities and those in the Underlying Index, pricing differences, the Fund&#8217;s holding of cash, differences on timing of the accrual of dividends, changes to the Underlying Index or the need to meet various regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Underlying Index does not.<br /><br /><b>Valuation Risk. </b>The sales price the Fund could receive for a security may differ from the Fund&#8217;s valuation of the security and may differ from the value used by the Underlying Index, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. In addition, the value of the securities in the Fund&#8217;s portfolio may change on days when shareholders will not be able to purchase or sell the Fund&#8217;s shares.<b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries, which may include large-, mid- or small-capitalization companies, to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes.After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes.Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (&#8220;IRAs&#8221;).<b>Summary of Principal Risks</b>Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (&#8220;IRAs&#8221;).As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. The Fund is subject to the principal risks noted below, any of which may adversely affect the Fund's net asset value per share (&#8220;NAV&#8221;), trading price, yield, total return and ability to meet its investment objective. <br /><br /> <b>Asset Class Risk.</b> Securities in the Underlying Index or in the Fund's portfolio may underperform in comparison to the general securities markets or other asset classes. <br /><br /> <b>Concentration Risk.</b> To the extent that the Fund's investments are concentrated in a particular issuer, region, country, market, industry or asset class, the Fund may be susceptible to loss due to adverse occurrences affecting that issuer, region, country, market, industry or asset class. <br /><br /><b> Consumer Staples Sector Risk.</b> The consumer staples sector may be affected by marketing campaigns, changes in consumer demands, government regulations and changes in commodity prices. <br /><br /><b> Currency Risk.</b> Because the Fund's NAV is determined in U.S. dollars, the Fund's NAV could decline if the currency of a non-U.S. market in which the Fund invests depreciates against the U.S. dollar. <br /><br /><b> Custody Risk.</b> Less developed markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by local banks, agents and depositories. <br /><br /><b> Equity Securities Risk.</b> Equity securities are subject to changes in value and their values may be more volatile than other asset classes. <br /><br /><b> Financial Sector Risk.</b> Performance of companies in the financial sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. This sector has experienced significant losses in the recent past, and the impact of more stringent capital requirements and of recent or future regulation on any individual financial company or on the sector as a whole cannot be predicted. <br /><br /><b> Geographic Risk.</b> A natural or other disaster could occur in a geographic region in which the Fund invests, which could affect the economy or particular business operations of companies in the specific geographic region, causing an adverse impact on the Fund's investments in the affected region. <br /><br /><b> Index-Related Risk.</b> There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Index and therefore achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund&#8217;s ability to adjust its exposure to the required levels in order to track the Underlying Index. Errors in index data may occur from time to time and may not be identified and corrected for a period of time, and may have an adverse impact on the Fund and its Shareholders. <br /><br /><b> Industrials Sector Risk.</b> The industrials sector may be affected by changes in the supply and demand for products and services, product obsolescence, claims for environmental damage or product liability and general economic conditions, among other factors. <br /><br /><b> Issuer Risk.</b> Fund performance depends on the performance of individual securities to which the Fund has exposure. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline. <br /><br /><b> Management Risk.</b> As the Fund may not fully replicate the Underlying Index, it is subject to the risk that BFA's investment management strategy may not produce the intended results. <br /><br /><b> Market Risk.</b> The Fund could lose money over short periods due to short-term market movements and over longer periods during market downturns. <br /><br /><b> Market Trading Risk.</b> The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND'S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV. <br /><br /><b> Non-Diversification Risk.</b> The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund's performance may depend on the performance of a small number of issuers. <br /><br /><b> Non-U.S. Securities Risk.</b> Investments in the securities of non-U.S. issuers are subject to the risks associated with investing in those non-U.S. markets, such as heightened risks of inflation or nationalization. The Fund may lose money due to political, economic and geographic events affecting a Malaysian issuer or market. The Fund is specifically exposed to <b>Asian Economic Risk.</b> <br /><br /><b> Passive Investment Risk.</b> The Fund is not actively managed and BFA does not attempt to take defensive positions under any market conditions, including declining markets. <br /><br /><b> Reliance on Trading Partners Risk.</b> The Fund invests in a country whose economy is heavily dependent upon trading with key partners. Any reduction in this trading may have an adverse impact on the Fund's investments. The Fund is specifically exposed to <b>Asian Economic Risk</b> and <b>U.S. Economic Risk</b>. <br /><br /><b> Risk of Capital Controls.</b> Previously, the Malaysian authorities placed a levy on profits by foreign entities, such as the Fund, which caused the Fund&#8217;s trading price to differ from their NAV on many days. There can be no assurance that Malaysian capital controls will not be changed in the future in ways that adversely affect the Fund and its shareholders. <br /><br /><b> Risk of Investing in Emerging Markets.</b> The Fund's investments in emerging markets may be subject to a greater risk of loss than investments in more developed markets. Emerging markets may be more likely to experience inflation risk, political turmoil and rapid changes in economic conditions than more developed markets. Emerging markets often have less uniformity in accounting and reporting requirements, unreliable securities valuation and greater risk associated with custody of securities. <br /><br /><b> Risk of Investing in Malaysia.</b> Investments in Malaysian issuers may subject the Fund to legal, regulatory, political, currency and economic risk specific to Malaysia. Among other things, Malaysia&#8217; s economy is heavily dependent on trading relationships with certain key trading partners, including the United States, China, Japan and Singapore. Reduction in spending on Malaysian products and services, or economic or other changes in the U.S. or any of the Asian economies, trade regulations or currency exchange rates may have an adverse impact on the Malaysian economy. <br /><br /><b> Securities Lending Risk.</b> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may lose money because the borrower of the Fund's loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of the collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund. <br /><br /><b> Security Risk.</b> The geographic area in which the Fund invests has experienced security concerns. Incidents involving a country's or region's security may cause uncertainty in Malaysian markets and may adversely affect its economy and the Fund's investments. <br /><br /><b> Telecommunications Sector Risk.</b> Companies in the telecommunications sector may be affected by industry competition, substantial capital requirements, government regulation and obsolescence of telecommunications products and services due to technological advancement. <br /><br /><b> Tracking Error Risk.</b> Tracking error is the divergence of the Fund&#8217;s performance from that of the Underlying Index. Tracking error may occur because of differences between the securities held in the Fund&#8217;s portfolio and those included in the Underlying Index, pricing differences, transaction costs, the Fund&#8217;s holding of cash, differences in timing of the accrual of dividends, changes to the Underlying Index or the need to meet various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Underlying Index does not. BFA EXPECTS THAT THE FUND MAY EXPERIENCE HIGHER TRACKING ERROR THAN IS TYPICAL FOR SIMILAR INDEX EXCHANGE-TRADED FUNDS. <br /><br /><b> Valuation Risk.</b> The sale price the Fund could receive for a security may differ from the Fund's valuation of the security&#8201;and may differ from the value used by the Underlying Index, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. In addition, the value of the securities in the Fund's portfolio may change on days when shareholders will not be able to purchase or sell the Fund's shares.iSHARES<sup>&#174</sup> MSCI EMERGING MARKETS EMEA ETF<br/>Ticker: EEME &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock Exchange: NASDAQFund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions.iSHARES<sup>&#174</sup> MSCI HONG KONG ETF <br/>Ticker: EWH&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock Exchange: NYSE Arca<b>Performance Information </b><b>Investment Objective </b>As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments.The iShares MSCI Hong Kong ETF (the &#8220;Fund&#8221;) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Hong Kong Index (the &#8220;Underlying Index&#8221;).As of the date of the Fund&#8217;s prospectus (the &#8220;Prospectus&#8221;), the Fund has been in operation for less than one full calendar year and therefore does not report its performance information.<b>Fees and Expenses</b>The following table describes the fees and expenses that you will incur if you own shares of the Fund. The investment advisory agreement between iShares, Inc. (the &#8220;Company&#8221;) and BlackRock Fund Advisors (&#8220;BFA&#8221;) (the &#8220; Investment Advisory Agreement&#8221;) provides that BFA will pay all operating expenses of the Fund, except interest expenses, taxes, brokerage expenses, future distribution fees or expenses, and extraordinary expenses.<br/><br/> You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:<b>Annual Fund Operating Expenses<br/>(ongoing expenses that you pay each year as a<br/>percentage of the value of your investments)</b><b>Example.</b>This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions.<b>Portfolio Turnover.</b><div style="display:none">~ http://www.iShares.com/role/ScheduleAnnualFundOperatingExpensesTransposediSharesMSCIEmergingMarketsEMEAETF column period compact * ~</div>
The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 11% of the average value of its portfolio.<b>Principal Investment Strategies</b>The Underlying Index consists of stocks traded primarily on the Stock Exchange of Hong Kong Limited (SEHK). Components primarily include consumer discretionary, financial and utilities companies. The components of the Underlying Index, and the degree to which these components represent certain industries, may change over time. <br /><br /> BFA uses a &#8220;passive&#8221; or indexing approach to try to achieve the Fund&#8217;s investment objective. Unlike many investment companies, the Fund does not try to &#8220;beat&#8221; the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. <br /><br /> Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by keeping portfolio turnover low in comparison to actively managed investment companies. <br /><br /> BFA uses a representative sampling indexing strategy to manage the Fund. &#8220;Representative sampling&#8221; is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability and yield) and liquidity measures similar to those of the Underlying Index. The Fund may or may not hold all of the securities in the Underlying Index. <br /><br /> The Fund will at all times invest at least 80% of its assets in the securities of its Underlying Index and in depositary receipts (&#8220;DRs&#8221;) representing securities in its Underlying Index. The Fund may invest the remainder of its assets in other securities, including securities not in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index, and in other investments, including futures contracts, options on futures contracts, other types of options and swaps related to its Underlying Index, as well as cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates. <br /><br /> The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of the collateral received). <br /><br /> The Underlying Index is sponsored by an organization (the &#8220;Index Provider&#8221;) that is independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. The Fund&#8217;s Index Provider is MSCI Inc. (&#8220;MSCI&#8221;). <br /><br /><b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries, which may include large-, mid- or small-capitalization companies, to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.<b>Summary of Principal Risks</b><b>Non-Diversification Risk.</b> The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund's performance may depend on the performance of a small number of issuers.As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. The Fund is subject to the principal risks noted below, any of which may adversely affect the Fund's net asset value per share (&#8220;NAV&#8221;), trading price, yield, total return and ability to meet its investment objective. <br /><br /> <b>Asset Class Risk.</b> Securities in the Underlying Index or in the Fund's portfolio may underperform in comparison to the general securities markets or other asset classes. <br /><br /> <b>Concentration Risk.</b> To the extent that the Fund's investments are concentrated in a particular issuer, region, country, market, industry or asset class, the Fund may be susceptible to loss due to adverse occurrences affecting that issuer, region, country, market, industry or asset class. <br /><br /> <b>Consumer Discretionary Sector Risk.</b> The consumer discretionary sector may be affected by changes in domestic and international economies, exchange and interest rates, competition, consumers' disposable income and consumer preferences, social trends and marketing campaigns. <br /><br /> <b>Currency Risk.</b> Because the Fund's NAV is determined in U.S. dollars, the Fund's NAV could decline if the currency of a non-U.S. market in which the Fund invests depreciates against the U.S. dollar. <br /><br /> <b>Equity Securities Risk.</b> Equity securities are subject to changes in value and their values may be more volatile than other asset classes. <br /><br /> <b>Financial Sector Risk. </b>Performance of companies in the financial sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. This sector has experienced significant losses in the recent past, and the impact of more stringent capital requirements and of recent or future regulation on any individual financial company or on the sector as a whole cannot be predicted. <br /><br /> <b>Geographic Risk.</b> A natural or other disaster could occur in a geographic region in which the Fund invests, which could affect the economy or particular business operations of companies in the specific geographic region, causing an adverse impact on the Fund's investments in the affected region. <br /><br /> <b>Index-Related Risk.</b> There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Index and therefore achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund&#8217;s ability to adjust its exposure to the required levels in order to track the Underlying Index. Errors in index data may occur from time to time and may not be identified and corrected for a period of time, and may have an adverse impact on the Fund and its Shareholders. <br /><br /> <b>Issuer Risk.</b> Fund performance depends on the performance of individual securities to which the Fund has exposure. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline. <br /><br /> <b>Lack of Natural Resources Risk.</b> The Fund invests in Hong Kong, which has few natural resources. Any fluctuation or shortage in the commodity markets could have a negative impact on the Hong Kong economy. <br /><br /> <b>Management Risk.</b> As the Fund may not fully replicate the Underlying Index, it is subject to the risk that BFA's investment management strategy may not produce the intended results. <br /><br /> <b>Market Risk.</b> The Fund could lose money over short periods due to short-term market movements and over longer periods during market downturns. <br /><br /> <b>Market Trading Risk.</b> The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND'S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV. <br /><br /> <b>Non-Diversification Risk.</b> The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund's performance may depend on the performance of a small number of issuers. <br /><br /> <b>Non-U.S. Securities Risk.</b > Investments in the securities of non-U.S. issuers are subject to the risks associated with investing in those non-U.S. markets, such as heightened risks of inflation or nationalization. The Fund may lose money due to political, economic and geographic events affecting a Hong Kong issuer or market. The Fund is specifically exposed to <b>Asian Economic Risk.</b><br /><br /> <b>Passive Investment Risk.</b> The Fund is not actively managed and BFA does not attempt to take defensive positions under any market conditions, including declining markets. <br /><br /> <b>Reliance on Trading Partners Risk.</b> The Fund invests in a country whose economy is heavily dependent upon trading with key partners. Any reduction in this trading may have an adverse impact on the Fund's investments. The Fund is specifically exposed to <b>Asian Economic Risk</b>, <b>European Economic Risk</b> and <b>U.S. Economic Risk</b>. <br /><br /> <b>Risk of Investing in Hong Kong.</b> Investments in Hong Kong issuers may subject the Fund to legal, regulatory, political, currency, security, and economic risk specific to Hong Kong. China is Hong Kong&#8217; s largest trading partner, both in terms of exports and imports. Any changes in the Chinese economy, trade regulations or currency exchange rates, or a tightening of China&#8217;s control over Hong Kong, may have an adverse impact on Hong Kong&#8217;s economy. <br /><br /> <b>Securities Lending Risk.</b> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may lose money because the borrower of the Fund's loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of the collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund. <br /><br /> <b>Tracking Error Risk.</b> Tracking error is the divergence of the Fund&#8217;s performance from that of the Underlying Index. Tracking error may occur because of differences between the securities held in the Fund&#8217;s portfolio and those included in the Underlying Index, pricing differences, transaction costs, the Fund&#8217;s holding of cash, differences in timing of the accrual of dividends, changes to the Underlying Index or the need to meet various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Underlying Index does not. <br /><br /> <b>Utilities Sector Risk.</b> The utilities sector is subject to significant government regulation and oversight. Companies in the utilities sector may be adversely affected due to increases in fuel and operating costs, rising costs of financing capital construction and the cost of complying with federal and state regulations, among other factors. <br /><br /> <b>Valuation Risk.</b> The sale price the Fund could receive for a security may differ from the Fund's valuation of the security&#8201;and may differ from the value used by the Underlying Index, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. In addition, the value of the securities in the Fund's portfolio may change on days when shareholders will not be able to purchase or sell the Fund's shares.<div style="display:none">~ http://www.iShares.com/role/ScheduleExpenseExampleTransposediSharesMSCIEmergingMarketsEMEAETF column period compact * ~</div>
<b>Performance Information</b>The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund. Both assume that all dividends and distributions have been reinvested in the Fund. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Supplemental information about the Fund&#8217;s performance is shown under the heading Total Return Information in the Supplemental Information section of the Fund's prospectus (the &#8220;Prospectus&#8221;).<b>Year by Year Returns (Years Ended December 31)</b><b>Performance Information</b>The best calendar quarter return during the periods shown above was 35.44% in the 2nd quarter of 2009; the worst was -22.81% in the 3rd quarter of 2008.<br/><br/> Updated performance information is available at www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund. Both assume that all dividends and distributions have been reinvested in the Fund. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Supplemental information about the Fund&#8217;s performance is shown under the heading Total Return Information in the Supplemental Information section of the Fund's prospectus (the &#8220;Prospectus&#8221;).0.00690<b>Year by Year Returns (Years Ended December 31)</b>0.010The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund.<div style="display:none">~ http://www.iShares.com/role/ScheduleExpenseExampleTransposediSharesMSCIEmergingMarketsGrowthETF column period compact * ~</div>iSHARES<sup>&#174</sup> MSCI FRANCE ETF <br/>Ticker: EWQ&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock Exchange: NYSE ArcaPast performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:The best calendar quarter return during the periods shown above was 28.01% in the 2nd quarter of 2009; the worst was -17.93% in the 3rd quarter of 2008.<br/><br/>Updated performance information is available at www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).www.iShares.com<div style="display:none">~ http://www.iShares.com/role/ScheduleExpenseExampleTransposediSharesMSCIPacificexJapanETF column period compact * ~</div><div style="display:none">~ http://www.iShares.com/role/ScheduleAverageAnnualTotalReturnsTransposediSharesMSCIPacificexJapanETF column period compact * ~</div>1-800-iShares (1-800-474-2737) (toll free)<b>Industry Concentration Policy. </b>The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries, which may include large-, mid- or small-capitalization companies, to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.0.00680<b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries, which may include large-, mid- or small-capitalization companies, to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.0As with any investment, you could lose all or part of your investment in the Fund, and the Fund&#8217;s performance could trail that of other investments.0.0068-0.00190.0049<b>Non-Diversification Risk. </b>The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund&#8217;s performance may depend on the performance of a small number of issuers.0.00660.2507As of the date of the Fund&#8217;s prospectus (the &#8220;Prospectus&#8221;), the Fund has been in operation for less than one full calendar year and therefore does not report its performance information.0.14380.01570.36200.4549-0.41360.00690.5136<b>Investment Objective </b>0.3624The iShares MSCI Emerging Markets Growth ETF (the &#8220;Fund&#8221;) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Emerging Markets Growth Index (the &#8220;Underlying Index&#8221;).0<b>Fees and Expenses </b>-0.005The following table describes the fees and expenses that you will incur if you own shares of the Fund. The investment advisory agreement between iShares, Inc. (the &#8220;Company&#8221;) and BlackRock Fund Advisors (&#8220;BFA&#8221;) (the &#8220; Investment Advisory Agreement&#8221;) provides that BFA will pay all operating expenses of the Fund, except interest expenses, taxes, brokerage expenses, future distribution fees or expenses, and extraordinary expenses. BFA, the investment adviser to the Fund, has contractually agreed to waive a portion of its management fees in order to limit Total Annual Fund Operating Expenses to 0.49% of average daily net assets until December 31, 2014. The contractual waiver may be terminated prior to December 31, 2014 only upon written agreement of the Company and BFA.<br/><br/> You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:0.0069<b>Example.</b>This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:7050221178340384810859<b>Portfolio Turnover.</b>The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. From inception, February 8, 2012, to the most recent fiscal year end, the Fund's portfolio turnover rate was 12% of the average value of its portfolio.<b>Principal Investment Strategies</b><b>Average Annual Total Returns<br/>(for the periods ended December 31, 2011)</b>0.11850.10530.0950.1236<div style="display:none">~ http://www.iShares.com/role/ScheduleAnnualTotalReturnsiSharesMSCIFranceETFBarChart column period compact * ~</div>
0.12250.11270.141<div style="display:none">~ http://www.iShares.com/role/ScheduleAnnualFundOperatingExpensesTransposediSharesMSCIFranceETF column period compact * ~</div>
-0.005-0.0201-0.00350.0012As with any investment, you could lose all or part of your investment in the Fund, and the Fund&#8217;s performance could trail that of other investments. The Fund is subject to the principal risks noted below, any of which may adversely affect the Fund&#8217;s NAV, trading price, yield, total return and ability to meet its investment objective.<br/><br/><b>Asset Class Risk.</b> Securities in the Underlying Index or in the Fund&#8217;s portfolio may underperform in comparison to the general securities markets or other asset classes.<br/><br/><b>Basic Materials Sector Risk. </b><br/>Companies in the basic materials sector may be adversely impacted by changes in commodity prices or exchange rates, depletion of resources, over-production, litigation, and government regulations, among other factors.<br/><br/><b>Concentration Risk.</b> To the extent that the Fund&#8217;s investments are concentrated in a particular issuer or issuers in a particular country, group of countries, region, market, industry, group of industries, sector or asset class, the Fund may be susceptible to loss due to adverse occurrences affecting that issuer or issuers, country, group of countries, region, market, industry, group of industries, sector or asset class.<br/><br/><b>Consumer Goods Sector Risk. </b>The consumer goods sector may be affected by changes in social trends and consumer demands. Many consumer goods are sold internationally and companies that sell such products may be affected by market conditions in other countries and regions.<br/><br/><b>Currency Risk.</b> Because the Fund&#8217;s NAV is determined in U.S. dollars, the Fund&#8217;s NAV could decline if the currency of a non-U.S. market in which the Fund invests depreciates against the U.S. dollar.<br/><br/><b>Custody Risk.</b> Less developed markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by local banks, agents and depositories.<br/><br/><b>Dividend-Paying Stock Risk. </b>The Fund&#8217;s emphasis on dividend-paying stocks involves the risk that such stocks may fall out of favor with investors and underperform the market. Also, a company may reduce or eliminate its dividend.<br/><br/><b>Equity Securities Risk.</b> Equity securities are subject to changes in value and their values may be more volatile than other asset classes.<br/><br/><b>Geographic Risk.</b> A natural or other disaster could occur in a geographic region in which the Fund invests, which could affect the economy or particular business operations of companies in the specific geographic region, causing an adverse impact on the Fund&#8217;s investments in the affected region.<br/><br/><b>Index-Related Risk.</b> There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Index and therefore achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund&#8217;s ability to adjust its exposure to the required levels in order to track the Underlying Index. Errors in index data may occur from time to time and may not be identified and corrected for a period of time, and may have an adverse impact on the Fund and its Shareholders.<br/><br/><b>Industrials Sector Risk. </b>The industrials sector may be affected by changes in the supply and demand for products and services, product obsolescence, claims for environmental damage or product liability and general economic conditions, among other factors.<br/><br/><b>Issuer Risk.</b> Fund performance depends on the performance of individual securities to which the Fund has exposure. Changes to the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline. There is no guarantee that an issuer that paid dividends in the past will continue to do so in the future or will continue paying dividends at the same level.<br/><br/><b>Management Risk.</b> As the Fund may not fully replicate the Underlying Index, it is subject to the risk that BFA&#8217;s investment management strategy may not produce the intended results.<br/><br/><b>Market Risk.</b> The Fund could lose money over short periods due to short-term market movements and over longer periods during market downturns.<br/><br/><b>Market Trading Risk.</b> The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND&#8217;S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV.<br/><br/><b>Mid-Capitalization Companies Risk.</b><br/>The Fund may invest in the securities of mid-capitalization companies. Compared to large-capitalization companies, mid-capitalization companies may be less stable and more susceptible to adverse developments, and their securities may be more volatile and less liquid.<br/><br/><b>Non-Diversification Risk.</b> The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund&#8217;s performance may depend on the performance of a small number of issuers.<br/><br/><b>Non-U.S. Securities Risk.</b> Investments in the securities of non-U.S. issuers are subject to the risks associated with investing in those non-U.S. markets, such as heightened risks of inflation or nationalization. The Fund may lose money due to political, economic and geographic events affecting a non-U.S. issuer or market. The Fund is specifically exposed to <b>Asian Economic Risk</b>.<br/><br/><b>Passive Investment Risk.</b> The Fund is not actively managed and BFA does not attempt to take defensive positions under any market conditions, including declining markets.<br/><br/><b>Privatization Risk.</b> Some countries in which the Fund invests have begun a process of privatizing certain entities and industries. Privatized entities may lose money or be re-nationalized.<br/><br/><b>Reliance on Trading Partners Risk.</b><br/>The Fund invests in countries whose economies are heavily dependent upon trading with key partners. Any reduction in this trading may have an adverse impact on the Fund&#8217;s investments. The Fund is specifically exposed to <b>Asian Economic Risk </b>and <b>U.S. Economic Risk</b>.<br/><br/><b>Risk of Investing in Emerging Markets.</b> The Fund&#8217;s investments in emerging markets may be subject to a greater risk of loss than investments in more developed markets. Emerging markets may be more likely to experience inflation risk, political turmoil and rapid changes in economic conditions than more developed markets. Emerging markets often have less uniformity in accounting and reporting requirements, unreliable securities valuation and greater risk associated with custody of securities.<br/><br/><b>Risk of Investing in Russia. </b>Investing in Russian securities involves significant risks, including legal, regulatory and economic risks that are specific to Russia. In addition, investing in Russian securities involves risks associated with the settlement of portfolio transactions and loss of the Fund&#8217;s ownership rights in its portfolio securities, as a result of the system of share registration and custody in Russia.<br/><br/><b>Risk of Investing in Taiwan.</b> Investment in Taiwanese issuers involves risks that are specific to Taiwan, including legal, regulatory, political and economic risks. Such risks may adversely affect the value of the Fund&#8217;s investments.<br/><br/><b>Securities Lending Risk. </b>The Fund may engage in securities lending. Securities lending involves the risk that the Fund may lose money because the borrower of the Fund&#8217;s loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of the collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.<br/><br/><b>Security Risk.</b> Some countries and regions in which the Fund invests have experienced security concerns. Incidents involving a country&#8217;s or region&#8217;s security may cause uncertainty in these markets and may adversely affect their economies and the Fund&#8217;s investments.<br/><br/><b>Structural Risk.</b> The countries in which the Fund invests may be subject to considerable degrees of economic, political and social instability.<br/><br/><b>Telecommunications Sector Risk.</b><br/>Companies in the telecommunications sector may be affected by industry competition, substantial capital requirements, government regulation and obsolescence of telecommunications products and services due to technological advancement.<br/><br/><b>Tracking Error Risk.</b> Tracking error is the divergence of the Fund&#8217;s performance from that of the Underlying Index. Tracking error may occur because of imperfect correlation between the Fund&#8217;s holdings of portfolio securities and those in the Underlying Index, pricing differences, the Fund&#8217;s holding of cash, differences on timing of the accrual of dividends, changes to the Underlying Index or the need to meet various regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Underlying Index does not. BFA EXPECTS THAT THE FUND MAY EXPERIENCE HIGHER TRACKING ERROR THAN IS TYPICAL FOR SIMILAR INDEX EXCHANGE-TRADED FUNDS.<br/><br/><b>Valuation Risk.</b> The sales price the Fund could receive for a security may differ from the Fund&#8217;s valuation of the security and may differ from the value used by the Underlying Index, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. In addition, the value of the securities in the Fund&#8217;s portfolio may change on days when shareholders will not be able to purchase or sell the Fund&#8217;s shares.As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. The Fund is subject to the principal risks noted below, any of which may adversely affect the Fund's net asset value per share (&#8220;NAV&#8221;), trading price, yield, total return and ability to meet its investment objective.<br/><br/><b>Asset Class Risk.</b> Securities in the Underlying Index or in the Fund's portfolio may underperform in comparison to the general securities markets or other asset classes. <br/><br/><b>Concentration Risk.</b> To the extent that the Fund's investments are concentrated in a particular issuer, region, country, market, industry or asset class, the Fund may be susceptible to loss due to adverse occurrences affecting that issuer, region, country, market, industry or asset class. <br/><br/><b>Consumer Discretionary Sector Risk.</b> The consumer discretionary sector may be affected by changes in domestic and international economies, exchange and interest rates, competition, consumers' disposable income and consumer preferences, social trends and marketing campaigns. <br/><br/><b>Currency Risk.</b> Because the Fund's NAV is determined in U.S. dollars, the Fund's NAV could decline if the currency of a non-U.S. market in which the Fund invests depreciates against the U.S. dollar. <br/><br/><b>Equity Securities Risk.</b> Equity securities are subject to changes in value and their values may be more volatile than other asset classes. <br/><br/><b>Financial Sector Risk.</b> Performance of companies in the financial sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. This sector has experienced significant losses in the recent past, and the impact of more stringent capital requirements and of recent or future regulation on any individual financial company or on the sector as a whole cannot be predicted. <br/><br/><b>Geographic Risk.</b> A natural or other disaster could occur in a geographic region in which the Fund invests, which could affect the economy or particular business operations of companies in the specific geographic region, causing an adverse impact on the Fund's investments in the affected region. <br/><br/><b>Index-Related Risk.</b> There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Index and therefore achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund&#8217;s ability to adjust its exposure to the required levels in order to track the Underlying Index. Errors in index data may occur from time to time and may not be identified and corrected for a period of time, and may have an adverse impact on the Fund and its Shareholders. <br/><br/><b>Industrials Sector Risk.</b> The industrials sector may be affected by changes in the supply and demand for products and services, product obsolescence, claims for environmental damage or product liability and general economic conditions, among other factors. <br/><br/><b>Issuer Risk.</b> Fund performance depends on the performance of individual securities to which the Fund has exposure. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline. <br/><br/><b>Lack of Natural Resources Risk.</b> The Fund invests in Japan, which has few natural resources. Any fluctuation or shortage in the commodity markets could have a negative impact on Japanese securities. <br/><br/><b>Management Risk.</b> As the Fund may not fully replicate the Underlying Index, it is subject to the risk that BFA's investment management strategy may not produce the intended results. <br/><br/><b>Market Risk.</b> The Fund could lose money over short periods due to short-term market movements and over longer periods during market downturns. <br/><br/><b>Market Trading Risk.</b> The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND'S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV. <br/><br/><b>Non-U.S. Securities Risk.</b> Investments in the securities of non-U.S. issuers are subject to the risks associated with investing in those non-U.S. markets, such as heightened risks of inflation or nationalization. The Fund may lose money due to political, economic and geographic events affecting a Japanese issuer or market. The Fund is specifically exposed to <b>Asian Economic Risk</b>.<br/><br/><b>Passive Investment Risk.</b> The Fund is not actively managed and BFA does not attempt to take defensive positions under any market conditions, including declining markets. <br/><br/><b>Reliance on Trading Partners Risk.</b> The Fund invests in a country whose economy is heavily dependent upon trading with key partners. Any reduction in this trading may have an adverse impact on the Fund's investments. The Fund is specifically exposed to <b>Asian Economic Risk</b>, <b>European Economic Risk</b> and <b>U.S. Economic Risk</b>.<br/><br/><b>Risk of Investing in Japan.</b> The Japanese economy may be subject to considerable degrees of economic, political and social instability, which could have a negative impact on Japanese securities. In addition, Japan is subject to the risk of natural disasters, such as earthquakes, volcanoes, typhoons and tsunamis. <br/><br/><b>Securities Lending Risk.</b> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may lose money because the borrower of the Fund's loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of the collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund. <br/><br/><b>Security Risk.</b> The geographic area in which the Fund invests has experienced security concerns. Incidents involving a country's or region's security may cause uncertainty in Japanese markets and may adversely affect its economy and the Fund's investments. <br/><br/><b>Tracking Error Risk.</b> Tracking error is the divergence of the Fund&#8217;s performance from that of the Underlying Index. Tracking error may occur because of differences between the securities held in the Fund&#8217;s portfolio and those included in the Underlying Index, pricing differences, transaction costs, the Fund&#8217;s holding of cash, differences in timing of the accrual of dividends, changes to the Underlying Index or the need to meet various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Underlying Index does not. <br/><br/><b>Valuation Risk.</b> The sale price the Fund could receive for a security may differ from the Fund's valuation of the security&#8201;and may differ from the value used by the Underlying Index, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. In addition, the value of the securities in the Fund's portfolio may change on days when shareholders will not be able to purchase or sell the Fund's shares.-0.1887-0.1891-0.1171-0.1842As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments.0.01680.01610.01650.0240.16550.15240.16960.1663<b>Performance Information</b>The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund. Both assume that all dividends and distributions have been reinvested in the Fund. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Supplemental information about the Fund&#8217;s performance is shown under the heading Total Return Information in the Supplemental Information section of the Fund's prospectus (the &#8220;Prospectus&#8221;).The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund.2003-04-070.1331996-03-12<div style="display:none">~ http://www.iShares.com/role/ScheduleAnnualFundOperatingExpensesTransposediSharesEmergingMarketsDividendETF column period compact * ~</div>
1-800-iShares (1-800-474-2737) (toll free)<div style="display:none">~ http://www.iShares.com/role/ScheduleAnnualFundOperatingExpensesTransposediSharesAsiaPacificDividendETF column period compact * ~</div>
After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes.www.iShares.comActual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (&#8220;IRAs&#8221;).Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions.0.2555<div style="display:none">~ http://www.iShares.com/role/ScheduleExpenseExampleTransposediSharesAsiaPacificDividendETF column period compact * ~</div>
0.3377<div style="display:none">~ http://www.iShares.com/role/ScheduleExpenseExampleTransposediSharesEmergingMarketsDividendETF column period compact * ~</div>
0.3070.3456-0.50010.7180.1592-0.1887-0.190.3682The Fund&#8217;s total return for the nine months ended0.24012012-09-300.09750.0784<b>Year by Year Returns (Years Ended December 31)</b>best0.29692009-06-300.28010.4054worst-0.5152008-09-300.5928-0.17930.2244-0.16340.0050<b>Investment Objective </b>0The iShares MSCI Pacific ex Japan ETF (the &#8220;Fund&#8221;) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Pacific ex-Japan Index (the &#8220;Underlying Index&#8221;).<div style="display:none">~ http://www.iShares.com/role/ScheduleAnnualFundOperatingExpensesTransposediSharesMSCIEmergingMarketsETF column period compact * ~</div>
<b>Fees and Expenses </b>0.005The following table describes the fees and expenses that you will incur if you own shares of the Fund. The investment advisory agreement between iShares, Inc. (the &#8220;Company&#8221;) and BlackRock Fund Advisors (&#8220;BFA&#8221;) (the &#8220; Investment Advisory Agreement&#8221;) provides that BFA will pay all operating expenses of the Fund, except interest expenses, taxes, brokerage expenses, future distribution fees or expenses, and extraordinary expenses. <br/><br/>You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:<div style="display:none">~ http://www.iShares.com/role/ScheduleExpenseExampleTransposediSharesMSCIEmergingMarketsETF column period compact * ~</div>
<b>Annual Fund Operating Expenses <br/>(ongoing expenses that you pay each year as a <br/>percentage of the value of your investments)</b>iSHARES<sup>&#174</sup> MSCI EMERGING MARKETS VALUE ETF<br/>Ticker: EVAL&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock Exchange: NASDAQ<div style="display:none">~ http://www.iShares.com/role/ScheduleAnnualTotalReturnsiSharesMSCIEmergingMarketsETFBarChart column period compact * ~</div>
You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:<b>Portfolio Turnover.</b>0.11<b>Investment Objective</b><div style="display:none">~ http://www.iShares.com/role/ScheduleAverageAnnualTotalReturnsTransposediSharesMSCIEmergingMarketsETF column period compact * ~</div>
The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 7% of the average value of its portfolio.0.0751The best calendar quarter return during the periods shown above was 22.69% in the 2nd quarter of 2009; the worst was -17.64% in the 3rd quarter of 2008.<br/><br/>Updated performance information is available at www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:The iShares MSCI Emerging Markets Value ETF (the &#8220;Fund&#8221;) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Emerging Markets Value Index (the &#8220;Underlying Index&#8221;).160280<b>Example.</b>628This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:<b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries, which may include large-, mid- or small-capitalization companies, to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.<b>Fees and Expenses</b><b>Principal Investment Strategies </b>The Underlying Index consists of stocks from the following four countries: Australia, Hong Kong, New Zealand and Singapore. Components primarily include financial, industrials and materials companies. The components of the Underlying Index, and the degree to which these components represent certain industries, may change over time. <br /><br /> BFA uses a &#8220;passive&#8221; or indexing approach to try to achieve the Fund&#8217;s investment objective. Unlike many investment companies, the Fund does not try to &#8220;beat&#8221; the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. <br /><br /> Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by keeping portfolio turnover low in comparison to actively managed investment companies. <br /><br /> BFA uses a representative sampling indexing strategy to manage the Fund. &#8220;Representative sampling&#8221; is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability and yield) and liquidity measures similar to those of the Underlying Index. The Fund may or may not hold all of the securities in the Underlying Index. <br /><br /> The Fund will at all times invest at least 90% of its assets in the securities of its Underlying Index and in depositary receipts (&#8220;DRs&#8221;) representing securities in its Underlying Index. The Fund may invest the remainder of its assets in other securities, including securities not in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index, and in other investments, including futures contracts, options on futures contracts, other types of options and swaps related to its Underlying Index, as well as cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates. <br /><br /> The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of the collateral received). <br /><br /> The Underlying Index is sponsored by an organization (the &#8220;Index Provider&#8221;) that is independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. The Fund&#8217;s Index Provider is MSCI Inc. (&#8220;MSCI&#8221;). <br /><br /> <b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries, which may include large-, mid- or small-capitalization companies, to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.<b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries, which may include large-, mid- or small-capitalization companies, to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.<b>Summary of Principal Risks </b>The following table describes the fees and expenses that you will incur if you own shares of the Fund. The investment advisory agreement between iShares, Inc. (the &#8220;Company&#8221;) and BlackRock Fund Advisors (&#8220;BFA&#8221;) (the &#8220; Investment Advisory Agreement&#8221;) provides that BFA will pay all operating expenses of the Fund, except interest expenses, taxes, brokerage expenses, future distribution fees or expenses, and extraordinary expenses. BFA, the investment adviser to the Fund, has contractually agreed to waive a portion of its management fees in order to limit Total Annual Fund Operating Expenses to 0.49% of average daily net assets until December 31, 2014. The contractual waiver may be terminated prior to December 31, 2014 only upon written agreement of the Company and BFA.<br/><br/> You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments.As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. The Fund is subject to the principal risks noted below, any of which may adversely affect the Fund's net asset value per share (&#8220;NAV&#8221;), trading price, yield, total return and ability to meet its investment objective. <br /><br /><b> Asset Class Risk.</b> Securities in the Underlying Index or in the Fund's portfolio may underperform in comparison to the general securities markets or other asset classes. <br /><br /><b> Commodity Exposure Risk.</b> The Fund invests in economies that are susceptible to fluctuations in certain commodity markets. Any negative changes in commodity markets could have an adverse impact on those economies. <br /><br /><b> Concentration Risk.</b> To the extent that the Fund's investments are concentrated in a particular issuer, region, country, market, industry or asset class, the Fund may be susceptible to loss due to adverse occurrences affecting that issuer, region, country, market, industry or asset class. <br /><br /><b> Currency Risk.</b> Because the Fund's NAV is determined in U.S. dollars, the Fund's NAV could decline if the currency of a non-U.S. market in which the Fund invests depreciates against the U.S. dollar. <br /><br /><b> Custody Risk.</b> Less developed markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by local banks, agents and depositories. <br /><br /><b> Equity Securities Risk.</b> Equity securities are subject to changes in value and their values may be more volatile than other asset classes. <br /><br /><b> Financial Sector Risk.</b> Performance of companies in the financial sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. This sector has experienced significant losses in the recent past, and the impact of more stringent capital requirements and of recent or future regulation on any individual financial company or on the sector as a whole cannot be predicted. <br /><br /><b> Geographic Risk.</b> A natural or other disaster could occur in a geographic region in which the Fund invests, which could affect the economy or particular business operations of companies in the specific geographic region, causing an adverse impact on the Fund's investments in the affected region. <br /><br /><b> Index-Related Risk.</b> There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Index and therefore achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund&#8217;s ability to adjust its exposure to the required levels in order to track the Underlying Index. Errors in index data may occur from time to time and may not be identified and corrected for a period of time, and may have an adverse impact on the Fund and its Shareholders. <br /><br /><b> Industrials Sector Risk.</b> The industrials sector may be affected by changes in the supply and demand for products and services, product obsolescence, claims for environmental damage or product liability and general economic conditions, among other factors. <br /><br /><b> Interdependence Risk.</b> Many of the Pacific region economies are intertwined and it is not uncommon for many of the countries to be in recession at the same time. <br /><br /><b> Issuer Risk.</b> Fund performance depends on the performance of individual securities to which the Fund has exposure. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline. <br /><br /><b> Lack of Natural Resources Risk.</b> Certain economies to which the Fund may be exposed have few natural resources. Any fluctuation or shortage in the commodity markets could have a negative impact on those economies. <br /><br /><b> Management Risk.</b> As the Fund may not fully replicate the Underlying Index, it is subject to the risk that BFA's investment management strategy may not produce the intended results. <br /><br /><b> Market Risk.</b> The Fund could lose money over short periods due to short-term market movements and over longer periods during market downturns. <br /><br /><b> Market Trading Risk.</b> The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND'S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV. <br /><br /><b> Materials Sector Risk.</b> Companies in the materials sector may be adversely impacted by the volatility of commodity prices, exchange rates, depletion of resources, over-production, litigation and government regulations, among other factors. <br /><br /><b> Non-U.S. Securities Risk.</b> Investments in the securities of non-U.S. issuers are subject to the risks associated with investing in those non-U.S. markets, such as heightened risks of inflation or nationalization. The Fund may lose money due to political, economic and geographic events affecting a non-U.S. issuer or market. The Fund is specifically exposed to <b>Asian Economic Risk</b> and <b>Australasian Economic Risk</b>.<br /><br /><b> Passive Investment Risk.</b> The Fund is not actively managed and BFA does not attempt to take defensive positions under any market conditions, including declining markets. <br /><br /><b> Reliance on Trading Partners Risk.</b> The Fund invests in countries whose economies are heavily dependent upon trading with key partners. Any reduction in this trading may have an adverse impact on the Fund's investments. The Fund is specifically exposed to <b>Asian Economic Risk, Australasian Economic Risk, European Economic Risk, Interdependence Risk</b> and <b>U.S. Economic Risk</b>.<br /><br /><b> Risk of Investing in Australia.</b> Investments in Australian issuers may subject the Fund to regulatory, political, currency, security, and economic risk specific to Australia. The Australian economy is heavily dependent on exports from the agricultural and mining sectors. This makes the Australian economy susceptible to fluctuations in the commodity markets. Australia is also dependent on trading with key trading partners. <br /><br /><b> Risk of Investing in Hong Kong.</b> Investments in Hong Kong issuers may subject the Fund to legal, regulatory, political, currency, security, and economic risk specific to Hong Kong. China is Hong Kong&#8217; s largest trading partner, both in terms of exports and imports. Any changes in the Chinese economy, trade regulations or currency exchange rates, or a tightening of China&#8217;s control over Hong Kong, may have an adverse impact on Hong Kong&#8217;s economy. <br /><br /><b> Securities Lending Risk.</b> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may lose money because the borrower of the Fund's loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of the collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund. <br /><br /><b> Tracking Error Risk.</b> Tracking error is the divergence of the Fund&#8217;s performance from that of the Underlying Index. Tracking error may occur because of differences between the securities held in the Fund&#8217;s portfolio and those included in the Underlying Index, pricing differences, transaction costs, the Fund&#8217;s holding of cash, differences in timing of the accrual of dividends, changes to the Underlying Index or the need to meet various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Underlying Index does not. <br /><br /><b> Valuation Risk.</b> The sale price the Fund could receive for a security may differ from the Fund's valuation of the security&#8201;and may differ from the value used by the Underlying Index, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. In addition, the value of the securities in the Fund's portfolio may change on days when shareholders will not be able to purchase or sell the Fund's shares.As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments.<b>Performance Information </b>The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund. Both assume that all dividends and distributions have been reinvested in the Fund. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Supplemental information about the Fund&#8217;s performance is shown under the heading Total Return Information in the Supplemental Information section of the Fund's prospectus (the &#8220;Prospectus&#8221;).<b>Non-Diversification Risk.</b> The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund's performance may depend on the performance of a small number of issuers.The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund.1-800-iShares (1-800-474-2737) (toll free)www.iShares.com-0.1047Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.0.35540.1478<b>Year by Year Returns (Years Ended December 31)</b>0.2465The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund.0.0549The best calendar quarter return during the periods shown above was 31.77% in the 2nd quarter of 2009; the worst was -24.89% in the 3rd quarter of 2008. <br/><br/>Updated performance information is available at www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).-0.043<b>Average Annual Total Returns <br/>(for the periods ended December 31, 2011)-0.29390.0525After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes.Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (&#8220;IRAs&#8221;).Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions.0.1493-0.1488www.iShares.com1-800-iShares (1-800-474-2737) (toll free)Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.-0.1304-0.1372-0.0788-0.1279After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes.0.01790.01980.02660.10860.11710.1013Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (&#8220;IRAs&#8221;).<b>Annual Fund Operating Expenses<br/>(ongoing expenses that you pay each year as a<br/>percentage of the value of your investments)</b>www.iShares.comFund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions.best2009-06-301702966650.0068<div style="display:none">~ http://www.iShares.com/role/ScheduleExpenseExampleTransposediSharesMSCIGermanyETF column period compact * ~</div><div style="display:none">~ http://www.iShares.com/role/ScheduleAverageAnnualTotalReturnsTransposediSharesMSCIGermanyETF column period compact * ~</div>00.315702008-12-310.0068worst-0.0019-0.26180.0049The Fund&#8217;s total return for the nine months ended2012-09-300.1114The Fund&#8217;s total return for the nine months endediSHARES<sup>&#174</sup> MSCI GERMANY ETF <br/>Ticker: EWG&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock Exchange: NYSE Arca2012-09-300.01960.0258best0.1172009-06-300.2269worst<b>Example.</b><b>Investment Objective </b>The iShares MSCI Germany ETF (the &#8220;Fund&#8221;) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Germany Index (the &#8220;Underlying Index&#8221;).The Fund&#8217;s total return for the nine months endedThis Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:2012-09-30<b>Fees and Expenses </b>501780.20982008-09-30340-0.1764The following table describes the fees and expenses that you will incur if you own shares of the Fund. The investment advisory agreement between iShares, Inc. (the &#8220;Company&#8221;) and BlackRock Fund Advisors (&#8220;BFA&#8221;) (the &#8220; Investment Advisory Agreement&#8221;) provides that BFA will pay all operating expenses of the Fund, except interest expenses, taxes, brokerage expenses, future distribution fees or expenses, and extraordinary expenses. <br/><br/>You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:best2009-06-308100.3544worst2008-09-30-0.2281<b>Annual Fund Operating Expenses <br/>(ongoing expenses that you pay each year as a <br/>percentage of the value of your investments)</b>0.00530<b>Portfolio Turnover.</b>00.0053The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. From inception, February 8, 2012, to the most recent fiscal year end, the Fund's portfolio turnover rate was 12% of the average value of its portfolio.<b>Principal Investment Strategies</b>-0.05730.45720.28680.14020.3206<b>Example. </b>0.3067<div style="display:none">~ http://www.iShares.com/role/ScheduleAnnualFundOperatingExpensesTransposediSharesMSCIMalaysiaETF column period compact * ~</div>
-0.50020.71930.1635-0.1304<div style="display:none">~ http://www.iShares.com/role/ScheduleExpenseExampleTransposediSharesMSCIMalaysiaETF column period compact * ~</div>
This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:<div style="display:none">~ http://www.iShares.com/role/ScheduleAnnualTotalReturnsiSharesMSCIMalaysiaETFBarChart column period compact * ~</div>
<div style="display:none">~ http://www.iShares.com/role/ScheduleExpenseExampleTransposediSharesMSCISwitzerlandCappedETF column period compact * ~</div><div style="display:none">~ http://www.iShares.com/role/ScheduleAverageAnnualTotalReturnsTransposediSharesMSCISwitzerlandCappedETF column period compact * ~</div><div style="display:none">~ http://www.iShares.com/role/ScheduleAverageAnnualTotalReturnsTransposediSharesMSCIMalaysiaETF column period compact * ~</div>
54-0.1488-0.1501-0.0918<b>Portfolio Turnover.</b>The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 4% of the average value of its portfolio.0.04<b>Principal Investment Strategies </b>-0.07-0.0708-0.05680.02450.0240.0221The Underlying Index is a subset of the MSCI Emerging Markets Index. The Underlying Index generally represents approximately 50% of the MSCI Emerging Markets Index and consists of those securities classified by MSCI Inc. (&#8220;MSCI&#8221;) as most representing the value style. Securities classified as value style generally tend to have higher book value to price ratios, higher forward earnings to price ratios, higher dividend yields and lower forecasted earnings growth rates than securities representing the growth style. MSCI uses a specialized framework to attribute both value and growth style characteristics to each security within the Underlying Index. Each security is evaluated based on certain value factors and growth factors, which are then used to calculate a value score and growth score. Based upon these two scores, MSCI determines the extent to which each security is assigned to the value or growth style. It is possible for a single security to have representation in both value and growth style indexes; however, no more than 100% of a security's float-adjusted market capitalization will be included within the combined style framework. As of June 30, 2012, the Underlying Index consisted of issuers in the following 21 emerging market countries or regions: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Malaysia, Mexico, Morocco, Peru, the Philippines, Poland, Russia, South Africa, South Korea, Taiwan, Thailand and Turkey. Components primarily include energy, financial and materials companies. The components of the Underlying Index, and the degree to which these components represent certain industries, may change over time.<br/><br/>The Fund generally invests at least 80% of its assets in securities of the Underlying Index or in depositary receipts representing securities in the Underlying Index. The Fund may invest the remainder of its assets in securities not included in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index and in other investments, including future contracts, options on futures contracts, options and swaps related to the Underlying Index, cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates.<br/><br/>The Fund invests all of its assets that are invested in India through a wholly owned subsidiary located in the Republic of Mauritius (the &#8220;Subsidiary&#8221;). BFA will serve as investment adviser to both the Fund and the Subsidiary. Unless otherwise indicated, the term Fund, as used in this Prospectus, means the Fund and/or the Subsidiary, as applicable.<br/><br/>BFA uses a &#8220;passive&#8221; or indexing approach to try to achieve the Fund&#8217;s investment objective. Unlike many investment companies, the Fund does not try to &#8220;beat&#8221; the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued.<br/><br/>Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by keeping portfolio turnover low in comparison to actively managed investment companies.<br/><br/>BFA uses a representative sampling indexing strategy to manage the Fund. &#8220;Representative sampling&#8221; is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability and yield) and liquidity measures similar to those of the Underlying Index. The Fund may or may not hold all of the securities in the Underlying Index.<br/><br/>The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of the collateral received).<br/><br/>The Underlying Index is sponsored by an organization (the &#8220;Index Provider&#8221;) that is independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. The Fund&#8217;s Index Provider is MSCI.<br/><br/><b>Industry Concentration Policy. </b>The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries, which may include large-, mid- or small-capitalization companies, to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.The Underlying Index consists of stocks traded primarily on the Frankfurt Stock Exchange. Components primarily include consumer discretionary, financial and materials companies. The components of the Underlying Index, and the degree to which these components represent certain industries, may change over time. <br /><br /> BFA uses a &#8220;passive&#8221; or indexing approach to try to achieve the Fund&#8217;s investment objective. Unlike many investment companies, the Fund does not try to &#8220;beat&#8221; the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. <br /><br /> Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by keeping portfolio turnover low in comparison to actively managed investment companies. <br /><br /> BFA uses a representative sampling indexing strategy to manage the Fund. &#8220;Representative sampling&#8221; is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability and yield) and liquidity measures similar to those of the Underlying Index. The Fund may or may not hold all of the securities in the Underlying Index. <br /><br /> The Fund will at all times invest at least 80% of its assets in the securities of its Underlying Index and in depositary receipts (&#8220;DRs&#8221;) representing securities in its Underlying Index. The Fund may invest the remainder of its assets in other securities, including securities not in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index, and in other investments, including futures contracts, options on futures contracts, other types of options and swaps related to its Underlying Index, as well as cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates. <br /><br /> The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of the collateral received). <br /><br /> The Underlying Index is sponsored by an organization (the &#8220;Index Provider&#8221;) that is independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. The Fund&#8217;s Index Provider is MSCI Inc. (&#8220;MSCI&#8221;). <br /><br /><b> Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries, which may include large-, mid- or small-capitalization companies, to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.<b> Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries, which may include large-, mid- or small-capitalization companies, to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.iSHARES<sup>&#174;</sup> MSCI PACIFIC ex JAPAN ETF <br/>Ticker: EPP&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock Exchange: NYSE Arca<b>Summary of Principal Risks</b><b>Summary of Principal Risks </b><div style="display:none">~ http://www.iShares.com/role/ScheduleExpenseExampleTransposediSharesMSCISpainCappedETF column period compact * ~</div><div style="display:none">~ http://www.iShares.com/role/ScheduleAverageAnnualTotalReturnsTransposediSharesMSCISpainCappedETF column period compact * ~</div>iSHARES<sup>&#174</sup> MSCI SWITZERLAND CAPPED ETF<br/>Ticker: EWL&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock Exchange: NYSE ArcaAs with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. The Fund is subject to the principal risks noted below, any of which may adversely affect the Fund's net asset value per share (&#8220;NAV&#8221;), trading price, yield, total return and ability to meet its investment objective. <br /><br /><b> Asset Class Risk. </b>Securities in the Underlying Index or in the Fund's portfolio may underperform in comparison to the general securities markets or other asset classes. <br /><br /><b> Concentration Risk. </b>To the extent that the Fund's investments are concentrated in a particular issuer, region, country, market, industry or asset class, the Fund may be susceptible to loss due to adverse occurrences affecting that issuer, region, country, market, industry or asset class. <br /><br /><b> Consumer Discretionary Sector Risk.</b> The consumer discretionary sector may be affected by changes in domestic and international economies, exchange and interest rates, competition, consumers' disposable income and consumer preferences, social trends and marketing campaigns. <br /><br /><b> Currency Risk.</b> Because the Fund's NAV is determined in U.S. dollars, the Fund's NAV could decline if the currency of a non-U.S. market in which the Fund invests depreciates against the U.S. dollar. <br /><br /><b> Equity Securities Risk.</b> Equity securities are subject to changes in value and their values may be more volatile than other asset classes. <br /><br /><b> Financial Sector Risk.</b> Performance of companies in the financial sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. This sector has experienced significant losses in the recent past, and the impact of more stringent capital requirements and of recent or future regulation on any individual financial company or on the sector as a whole cannot be predicted. <br /><br /><b> Index-Related Risk.</b> There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Index and therefore achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund&#8217;s ability to adjust its exposure to the required levels in order to track the Underlying Index. Errors in index data may occur from time to time and may not be identified and corrected for a period of time, and may have an adverse impact on the Fund and its Shareholders. <br /><br /><b> Issuer Risk.</b> Fund performance depends on the performance of individual securities to which the Fund has exposure. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline. <br /><br /><b> Management Risk.</b> As the Fund may not fully replicate the Underlying Index, it is subject to the risk that BFA's investment management strategy may not produce the intended results. <br /><br /><b> Market Risk.</b> The Fund could lose money over short periods due to short-term market movements and over longer periods during market downturns. <br /><br /><b> Market Trading Risk.</b> The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND'S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV. <br /><br /><b> Materials Sector Risk.</b> Companies in the materials sector may be adversely impacted by the volatility of commodity prices, exchange rates, depletion of resources, over-production, litigation and government regulations, among other factors. <br /><br /><b> Non-Diversification Risk.</b> The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund's performance may depend on the performance of a small number of issuers. <br /><br /><b> Non-U.S. Securities Risk.</b> Investments in the securities of non-U.S. issuers are subject to the risks associated with investing in those non-U.S. markets, such as heightened risks of inflation or nationalization. The Fund may lose money due to political, economic and geographic events affecting a German issuer or market. The Fund is specifically exposed to <b>European Economic Risk</b>. <br /><br /><b> Passive Investment Risk.</b> The Fund is not actively managed and BFA does not attempt to take defensive positions under any market conditions, including declining markets. <br /><br /><b> Reliance on Trading Partners Risk.</b> The Fund invests in a country whose economy is heavily dependent upon trading with key partners. Any reduction in this trading may have an adverse impact on the Fund's investments. The Fund is specifically exposed to <b>European Economic Risk</b> and <b>U.S. Economic Risk</b>. <br /><br /><b> Risk of Investing in Germany. </b>The Fund&#8217;s investment in German issuers may subject the Fund to legal, regulatory, political, currency, security, and economic risk specific to Germany. The German economy, along with certain other European Union (the &#8220;EU&#8221;) economies, experienced a significant slowdown during the recent financial crisis. Germany has an export dependent economy and therefore relies heavily on trade with key trading partners, including the United States, France, Italy and other European countries. Germany is dependent on the economies of these other countries and any change in the price or demand for German exports may have an adverse impact on its economy. <br /><br /><b> Securities Lending Risk.</b> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may lose money because the borrower of the Fund's loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of the collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund. <br /><br /><b> Structural Risk.</b> The country in which the Fund invests may be subject to considerable degrees of economic, political and social instability. <br /><br /><b> Tracking Error Risk.</b> Tracking error is the divergence of the Fund&#8217;s performance from that of the Underlying Index. Tracking error may occur because of differences between the securities held in the Fund&#8217;s portfolio and those included in the Underlying Index, pricing differences, transaction costs, the Fund&#8217;s holding of cash, differences in timing of the accrual of dividends, changes to the Underlying Index or the need to meet various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Underlying Index does not. <br /><br /><b>Valuation Risk. </b>The sale price the Fund could receive for a security may differ from the Fund's valuation of the security&#8201;and may differ from the value used by the Underlying Index, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. In addition, the value of the securities in the Fund's portfolio may change on days when shareholders will not be able to purchase or sell the Fund's shares.<b>Investment Objective</b>You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:The iShares MSCI Switzerland Capped ETF (the &#8220;Fund&#8221;) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Switzerland 25/50 Index (the &#8220;Underlying Index&#8221; ).As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments.2001-10-25<b>Fees and Expenses</b><b> Non-Diversification Risk.</b> The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. <br /><br />As a result, the Fund's performance may depend on the performance of a small number of issuers.The following table describes the fees and expenses that you will incur if you own shares of the Fund. The investment advisory agreement between iShares, Inc. (the &#8220;Company&#8221;) and BlackRock Fund Advisors (&#8220;BFA&#8221;) (the &#8220; Investment Advisory Agreement&#8221;) provides that BFA will pay all operating expenses of the Fund, except interest expenses, taxes, brokerage expenses, future distribution fees or expenses, and extraordinary expenses.<br/><br/>You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:<b>Performance Information </b>iSHARES<sup>&#174</sup> MSCI THAILAND CAPPED ETF<br/>Ticker: THD&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock Exchange: NYSE ArcaThe bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund. Both assume that all dividends and distributions have been reinvested in the Fund. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Supplemental information about the Fund&#8217;s performance is shown under the heading Total Return Information in the Supplemental Information section of the Fund's prospectus (the &#8220;Prospectus&#8221;).The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund.<b>Investment Objective </b>1-800-iShares (1-800-474-2737) (toll free)The iShares MSCI Thailand Capped ETF (the &#8220;Fund&#8221;) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Thailand IMI 25/50 Index (the &#8220;Underlying Index&#8221;).<b>Annual Fund Operating Expenses<br/> (ongoing expenses that you pay each year as a<br/> percentage of the value of your investments)</b>www.iShares.com<b>Fees and Expenses</b>0.0053Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.00<b>Year by Year Returns (Years Ended December 31)</b>0.0053The following table describes the fees and expenses that you will incur if you own shares of the Fund. The investment advisory agreement between iShares, Inc. (the &#8220;Company&#8221;) and BlackRock Fund Advisors (&#8220;BFA&#8221;) (the &#8220; Investment Advisory Agreement&#8221;) provides that BFA will pay all operating expenses of the Fund, except interest expenses, taxes, brokerage expenses, future distribution fees or expenses, and extraordinary expenses.<br/><br/>You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:<b>Example.</b>-0.3229The Fund&#8217;s total return for the nine months ended0.6309This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:2012-09-300.15820.1708best0.09862009-06-300.317754<b>Annual Fund Operating Expenses</b><br/><b>(ongoing expenses that you pay each year as a</b><br/><b>percentage of the value of your investments)</b>0.3566worst1700.34732008-09-30296-0.2489-0.45846650.25110.0848-0.1810.0061iSHARES<sup>&#174</sup> MSCI SOUTH AFRICA ETF<br/>Ticker: EZA&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock Exchange: NYSE Arca<b>Portfolio Turnover.</b>0The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 8% of the average value of its portfolio.<b>Investment Objective</b><b>Principal Investment Strategies</b>The iShares MSCI Emerging Markets Small-Cap ETF (the &#8220;Fund&#8221;) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Emerging Markets Small Cap Index (the &#8220; Underlying Index&#8221;).<b>Investment Objective</b><b>Fees and Expenses</b>0The following table describes the fees and expenses that you will incur if you own shares of the Fund. The investment advisory agreement between iShares, Inc. (the &#8220;Company&#8221;) and BlackRock Fund Advisors (&#8220;BFA&#8221;) (the &#8220; Investment Advisory Agreement&#8221;) provides that BFA will pay all operating expenses of the Fund, except interest expenses, taxes, brokerage expenses, future distribution fees or expenses, and extraordinary expenses.<br/><br/>You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:The iShares MSCI South Africa ETF (the &#8220;Fund&#8221;) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI South Africa Index (the &#8220;Underlying Index&#8221;).0.0061<b>Fees and Expenses</b>As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. The Fund is subject to the principal risks noted below, any of which may adversely affect the Fund's net asset value per share (&#8220;NAV&#8221;), trading price, yield, total return and ability to meet its investment objective.<br/><br/><b>Asset Class Risk.</b> Securities in the Underlying Index or in the Fund's portfolio may underperform in comparison to the general securities markets or other asset classes.<br/><br/><b>Commodity Exposure Risk.</b> The Fund invests in economies that are susceptible to fluctuations in certain commodity markets. Any negative changes in commodity markets could have an adverse impact on those economies.<br/><br/><b>Concentration Risk.</b> To the extent that the Fund's investments are concentrated in a particular issuer, country, region, market, industry or asset class, the Fund may be susceptible to loss due to adverse occurrences affecting that issuer, country, region, market, industry or asset class.<br/><br/><b>Currency Risk. </b>Because the Fund's NAV is determined in U.S. dollars, the Fund's NAV could decline if the currency of a non-U.S. market in which the Fund invests depreciates against the U.S. dollar.<br/><br/><b>Custody Risk.</b> Less developed markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by local banks, agents and depositories.<br/><br/><b>Energy Sector Risk.</b> The value of securities issued by companies in the energy sector may decline for many reasons, including, without limitation, changes in energy prices, government regulations, energy conservation efforts and potential civil liabilities.<br/><br/><b>Equity Securities Risk.</b> Equity securities are subject to changes in value and their values may be more volatile than other asset classes.<br/><br/><b>Financial Sector Risk. </b>Performance of companies in the financial sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. This sector has experienced significant losses in the recent past, and the impact of more stringent capital requirements and of recent or future regulation on any individual financial company or on the sector as a whole cannot be predicted.<br/><br/><b>Geographic Risk.</b> A natural or other disaster could occur in a geographic region in which the Fund invests.<br/><br/><b>Index-Related Risk.</b> There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Index and therefore achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund&#8217;s ability to adjust its exposure to the required levels in order to track the Underlying Index. Errors in index data may occur from time to time and may not be identified and corrected for a period of time, and may have an adverse impact on the Fund and its Shareholders.<br/><br/><b>Issuer Risk.</b> Fund performance depends on the performance of individual securities to which the Fund has exposure. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline.<br/><br/><b>Management Risk. </b>As the Fund may not fully replicate the Underlying Index, it is subject to the risk that BFA's investment management strategy may not produce the intended results.<br/><br/><b>Market Risk.</b> The Fund could lose money over short periods due to short-term market movements and over longer periods during market downturns.<br/><br/><b>Market Trading Risk. </b>The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND'S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV.<br/><br/><b>Materials Sector Risk.</b> Companies in the materials sector may be adversely impacted by the volatility of commodity prices, exchange rates, depletion of resources, over-production, litigation and government regulations, among other factors.<br/><br/><b>Non-Diversification Risk. </b>The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund's performance may depend on the performance of a small number of issuers.<br/><br/><b>Non-U.S. Securities Risk. </b>Investments in the securities of non-U.S. issuers are subject to the risks associated with investing in those non-U.S. markets, such as heightened risks of inflation or nationalization. The Fund may lose money due to political, economic and geographic events affecting a non-U.S. issuer or market. The Fund is specifically exposed to <b>Asian Economic Risk </b>and <b>Central and South American Economic Risk</b>.<br/><br/><b>Passive Investment Risk.</b> The Fund is not actively managed and BFA does not attempt to take defensive positions under any market conditions, including declining markets.<br/><br/><b>Privatization Risk.</b> Some countries in which the Fund invests have privatized, or have begun the process of privatizing, certain entities and industries. Privatized entities may lose money or be re-nationalized.<br/><br/><b>Reliance on Trading Partners Risk. </b>The Fund invests in countries whose economies are heavily dependent upon trading with key partners. Any reduction in this trading may have an adverse impact on the Fund's investments. The Fund is specifically exposed to <b>Asian Economic Risk</b>, <b>Central and South American Economic Risk</b>, <b>European Economic Risk</b> and <b>U.S. Economic Risk</b>. <br/><br/><b>Risk of Investing in Emerging Markets. </b>The Fund's investments in emerging markets may be subject to a greater risk of loss than investments in more developed markets. Emerging markets may be more likely to experience inflation risk, political turmoil and rapid changes in economic conditions than more developed markets. Emerging markets often have less uniformity in accounting and reporting requirements, unreliable securities valuation and greater risk associated with custody of securities.<br/><br/><b>Risk of Investing in India. </b>Investments in Indian issuers involves risks that are specific to India, including legal, regulatory, political and economic risks. The securities markets in India are relatively underdeveloped and may subject the Fund to higher transaction costs or greater uncertainty than investments in more developed securities markets.<br/><br/><b>Risk of Investing in Russia.</b> Investing in Russian securities involves significant risks, including legal, regulatory and economic risks that are specific to Russia. In addition, investing in Russian securities involves risks associated with the settlement of portfolio transactions and loss of the Fund&#8217;s ownership rights in its portfolio securities, as a result of the system of share registration and custody in Russia.<br/><br/><b>Securities Lending Risk. </b>The Fund may engage in securities lending. Securities lending involves the risk that the Fund may lose money because the borrower of the Fund's loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of the collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.<br/><br/><b>Security Risk. </b>Some countries and regions in which the Fund invests have experienced security concerns. Incidents involving a country's or region's security may cause uncertainty in these markets and may adversely affect their economies and the Fund's investments.<br/><br/><b>Structural Risk.</b> The countries in which the Fund invests may be subject to considerable degrees of economic, political and social instability.<br/><br/><b>Tracking Error Risk.</b> Tracking error is the divergence of the Fund&#8217;s performance from that of the Underlying Index. Tracking error may occur because of differences between the securities held in the Fund&#8217;s portfolio and those included in the Underlying Index, pricing differences, transaction costs, the Fund&#8217;s holding of cash, differences in timing of the accrual of dividends, changes to the Underlying Index or the need to meet various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Underlying Index does not. BFA EXPECTS THAT THE FUND MAY EXPERIENCE HIGHER TRACKING ERROR THAN IS TYPICAL FOR SIMILAR INDEX EXCHANGE-TRADED FUNDS.<br/><br/><b>Treaty/Tax Risk.</b> The Fund and the Subsidiary rely on the Double Tax Avoidance Agreement between India and Mauritius (&#8220;DTAA&#8221;) for relief from certain Indian taxes. Treaty renegotiation (particularly to introduce a limitation of benefit clause) or recent legislative changes may result in the Fund withdrawing from the Subsidiary, which may result in higher taxes and/or lower returns for the Fund.<br/><br/><b>Valuation Risk.</b> The sale price the Fund could receive for a security may differ from the Fund's valuation of the security&#8201;and may differ from the value used by the Underlying Index, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. In addition, the value of the securities in the Fund's portfolio may change on days when shareholders will not be able to purchase or sell the Fund's shares.<br/><br/><b>Value Securities Risk.</b> Securities issued by companies that may be perceived as undervalued may fail to appreciate for long periods of time and may never realize their full potential value.You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:<b>Performance Information</b>The following table describes the fees and expenses that you will incur if you own shares of the Fund. The investment advisory agreement between iShares, Inc. (the &#8220;Company&#8221;) and BlackRock Fund Advisors (&#8220;BFA&#8221;) (the &#8220; Investment Advisory Agreement&#8221;) provides that BFA will pay all operating expenses of the Fund, except interest expenses, taxes, brokerage expenses, future distribution fees or expenses, and extraordinary expenses.<br/><br/>You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:As of the date of the Fund's prospectus (the &#8220;Prospectus&#8221;), the Fund has been in operation for less than one full calendar year and therefore does not report its performance information.<b>Annual Fund Operating Expenses<br/>(ongoing expenses that you pay each year as a<br/> percentage of the value of your investments)</b><b>Example. </b><b>Example.</b>This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:<b>Portfolio Turnover.</b><div style="display:none">~ http://www.iShares.com/role/ScheduleAnnualTotalReturnsiSharesMSCIPacificexJapanETFBarChart column period compact * ~</div>
The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 32% of the average value of its portfolio.The Underlying Index consists of stocks traded primarily on the Zurich Stock Exchange. The Underlying Index is a free-float adjusted market capitalization weighted index with a capping methodology applied to issuer weights so that no single issuer of a component exceeds 25% of the Underlying Index weight and all issuers with weight above 5% do not exceed 50% of the Underlying Index weight. Components primarily include consumer staples, financial and healthcare companies. The components of the Underlying Index, and the degree to which these components represent certain industries, may change over time.<br/><br/>BFA uses a &#8220;passive&#8221; or indexing approach to try to achieve the Fund&#8217;s investment objective. Unlike many investment companies, the Fund does not try to &#8220;beat&#8221; the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. <br/><br/>Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by keeping portfolio turnover low in comparison to actively managed investment companies.<br/><br/>BFA uses a representative sampling indexing strategy to manage the Fund. &#8220;Representative sampling&#8221; is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability and yield) and liquidity measures similar to those of the Underlying Index. The Fund may or may not hold all of the securities in the Underlying Index. <br/><br/>The Fund will at all times invest at least 80% of its assets in the securities of its Underlying Index and in depositary receipts (&#8220;DRs&#8221;) representing securities in its Underlying Index. The Fund may invest the remainder of its assets in other securities, including securities not in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index, and in other investments, including futures contracts, options on futures contracts, other types of options and swaps related to its Underlying Index, as well as cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates.<br/><br/>The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of the collateral received).<br/><br/>The Underlying Index is sponsored by an organization (the &#8220;Index Provider&#8221;) that is independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. The Fund&#8217;s Index Provider is MSCI Inc. (&#8220;MSCI&#8221;).<br/><br/><b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries, which may include large-, mid- or small-capitalization companies, to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.0.3262195340762<b>Portfolio Turnover.</b>The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 12% of the average value of its portfolio.<b>Principal Investment Strategies</b>The Underlying Index is an index designed to measure broad-based equity market performance in Thailand. The Underlying Index consists of stocks traded primarily on the Stock Exchange of Thailand (SET). The Underlying Index is a free-float adjusted market capitalization weighted index with a capping methodology applied to issuer weights so that no single issuer of a component exceeds 25% of the Underlying Index weight and all issuers with weight above 5% do not exceed 50% of the Underlying Index weight. Components primarily include energy, financial and materials companies. The components of the Underlying Index, and the degree to which these components represent certain industries, may change over time. <br /><br />BFA uses a &#8220;passive&#8221; or indexing approach to try to achieve the Fund&#8217;s investment objective. Unlike many investment companies, the Fund does not try to &#8220;beat&#8221; the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. <br /><br />Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by keeping portfolio turnover low in comparison to actively managed investment companies. <br /><br />BFA uses a representative sampling indexing strategy to manage the Fund. &#8220;Representative sampling&#8221; is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability and yield) and liquidity measures similar to those of the Underlying Index. The Fund may or may not hold all of the securities in the Underlying Index. <br /><br />The Fund will at all times invest at least 90% of its assets in the securities of the Underlying Index or in depositary receipts representing securities in its Underlying Index. The Fund may invest the remainder of its assets in certain futures, options and swap contracts, cash and cash equivalents, including money market funds advised by BFA or its affiliates, as well as in securities not included in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index. <br /><br />The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of the collateral received). <br /><br />The Underlying Index is sponsored by an organization (the &#8220;Index Provider&#8221;) that is independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. The Fund&#8217;s Index Provider is MSCI Inc. (&#8220;MSCI&#8221;). <br /><br /><b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries, which may include large-, mid- or small-capitalization companies, to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.<b>Summary of Principal Risks</b>1996-03-12-0.1433-0.06560.0298The best calendar quarter return during the periods shown above was 38.44% in the 2nd quarter of 2003; the worst was -36.46% in the 3rd quarter of 2002. <br/><br/>Updated performance information is available at www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).<div style="display:none">~ http://www.iShares.com/role/ScheduleAnnualFundOperatingExpensesTransposediSharesMSCIHongKongETF column period compact * ~</div>
<b>Average Annual Total Returns <br/>(for the periods ended December 31, 2011) </b>After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes.<div style="display:none">~ http://www.iShares.com/role/ScheduleAnnualTotalReturnsiSharesMSCIHongKongETFBarChart column period compact * ~</div>
Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (&#8220;IRAs&#8221;).<div style="display:none">~ http://www.iShares.com/role/ScheduleAverageAnnualTotalReturnsTransposediSharesMSCIHongKongETF column period compact * ~</div>
Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions.The Fund&#8217;s total return for the nine months ended2012-09-300.2066best2003-06-300.3844worst2002-09-30-0.3646-0.181-0.108-0.1811-0.1808-0.041-0.041-0.0297-0.04040.04450.04370.04140.0457December 31, 2014You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:<div style="display:none">~ http://www.iShares.com/role/ScheduleExpenseExampleTransposediSharesCoreMSCIEmergingMarketsETF column period compact * ~</div>After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes.<div style="display:none">~ http://www.iShares.com/role/ScheduleAnnualFundOperatingExpensesTransposediSharesMSCIJapanETF column period compact * ~</div>
0.12Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (&#8220;IRAs&#8221;).<div style="display:none">~ http://www.iShares.com/role/ScheduleExpenseExampleTransposediSharesMSCIJapanETF column period compact * ~</div>
Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions.<b>Industry Concentration Policy. </b>The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries, which may include large-, mid- or small-capitalization companies, to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.<div style="display:none">~ http://www.iShares.com/role/ScheduleAnnualTotalReturnsiSharesMSCIJapanETFBarChart column period compact * ~</div>
<div style="display:none">~ http://www.iShares.com/role/ScheduleAverageAnnualTotalReturnsTransposediSharesMSCIJapanETF column period compact * ~</div>
As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments.<b>Non-Diversification Risk. </b>The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund's performance may depend on the performance of a small number of issuers.iSHARES<sup>&#174</sup> CORE MSCI EMERGING MARKETS ETF<br/>Ticker: IEMG&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock Exchange: NYSE Arca<b>Investment Objective </b>As of the date of the Fund's prospectus (the &#8220;Prospectus&#8221;), the Fund has been in operation for less than one full calendar year and therefore does not report its performance information.The iShares Core MSCI Emerging Markets ETF (the &#8220;Fund&#8221;) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Emerging Markets Investable Market Index (the &#8220;Underlying Index&#8221;).<b>Fees and Expenses </b>The following table describes the fees and expenses that you will incur if you own shares of the Fund. The investment advisory agreement between iShares, Inc. (the &#8220;Company&#8221;) and BlackRock Fund Advisors (&#8220;BFA&#8221;) (the &#8220;Investment Advisory Agreement&#8221;) provides that BFA will pay all operating expenses of the Fund, except interest expenses, taxes, brokerage expenses, future distribution fees or expenses, and extraordinary expenses. &#8220;Acquired Fund Fees and Expenses&#8221; reflect the Fund&#8217;s pro rata share of the fees and expenses incurred by investing in other investment companies. The impact of Acquired Fund Fees and Expenses is included in the total returns of the Fund. Acquired Fund Fees and Expenses are not used to calculate the Fund&#8217;s net asset value per share (&#8220;NAV&#8221;) and are not included in the calculation of the ratio of expenses to average net assets shown in the Financial Highlights section of the Fund&#8217;s prospectus (the &#8220;Prospectus&#8221;). BFA, the investment adviser to the Fund, has contractually agreed to waive its management fees in an amount equal to the Acquired Fund Fees and Expenses attributable to the Fund&#8217;s investments in other iShares funds through October 31, 2013. The contractual waiver may be terminated prior to October 31, 2013 only upon written agreement of the Company and BFA. Acquired Fund Fees and Expenses are based on estimated amounts for the current fiscal year.<br /><br />You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:<b>Annual Fund Operating Expenses</b><br/><b>(ongoing expenses that you pay each year as a</b><br/><b>percentage of the value of your investments)</b>0.00180<div style="display:none">~ http://www.iShares.com/role/ScheduleAnnualFundOperatingExpensesTransposediSharesMSCIEmergingMarketsValueETF column period compact * ~</div>
<b>Summary of Principal Risks</b>0As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments.<div style="display:none">~ http://www.iShares.com/role/ScheduleExpenseExampleTransposediSharesMSCIEmergingMarketsValueETF column period compact * ~</div>
0.00060.0024-0.00060.0018<div style="display:none">~ http://www.iShares.com/role/ScheduleAnnualFundOperatingExpensesTransposediSharesMSCIGermanyETF column period compact * ~</div>
<b>Annual Fund Operating Expenses<br/>(ongoing expenses that you pay each year as a<br/>percentage of the value of your investments)</b><div style="display:none">~ http://www.iShares.com/role/ScheduleAnnualTotalReturnsiSharesMSCIGermanyETFBarChart column period compact * ~</div>
0.0061000.0061<b>Example. </b>This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:<b>Principal Investment Strategies</b><b>Summary of Principal Risks</b><b>Performance Information</b><b>Example.</b><div style="display:none">~ http://www.iShares.com/role/ScheduleAnnualFundOperatingExpensesTransposediSharesMSCIPacificexJapanETF column period compact * ~</div>
18<b>Non-Diversification Risk.</b> The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund's performance may depend on the performance of a small number of issuers.71This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:<b>Investment Objective</b>As of the date of this Prospectus, the Fund does not have a full calendar year of performance information to report.<div style="display:none">~ http://www.iShares.com/role/ScheduleExpenseExampleTransposediSharesMSCIEmergingMarketsAsiaETF column period compact * ~</div>The iShares MSCI Spain Capped ETF (the &#8220;Fund&#8221;) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Spain 25/50 Index (the &#8220;Underlying Index&#8221;).62<b>Fees and Expenses </b>The following table describes the fees and expenses that you will incur if you own shares of the Fund. The investment advisory agreement between iShares, Inc. (the &#8220;Company&#8221;) and BlackRock Fund Advisors (&#8220;BFA&#8221;) (the &#8220; Investment Advisory Agreement&#8221;) provides that BFA will pay all operating expenses of the Fund, except interest expenses, taxes, brokerage expenses, future distribution fees or expenses, and extraordinary expenses. <br/><br/>You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:195<b>Portfolio Turnover. </b><b>Annual Fund Operating Expenses<br/>(ongoing expenses that you pay each year as a<br/> percentage of the value of your investments)</b>340762<b>Example.</b>This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:iSHARES<sup>&#174</sup> MSCI TURKEY ETF<br/>Ticker: TUR&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock Exchange: NYSE ArcaThe Fund may pay transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund&#8217;s performance.<b>Portfolio Turnover.</b>The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 17% of the average value of its portfolio.<b>Principal Investment Strategies</b>The Underlying Index consists of stocks traded primarily on the Madrid Stock Exchange. The Underlying Index is a free-float adjusted market capitalization weighted index with a capping methodology applied to issuer weights so that no single issuer of a component exceeds 25% of the Underlying Index weight and all issuers with weight above 5% do not exceed 50% of the Underlying Index weight. Components primarily include financial, telecommunications and utilities companies. The components of the Underlying Index, and the degree to which these components represent certain industries, may change over time. <br /><br /> BFA uses a &#8220;passive&#8221; or indexing approach to try to achieve the Fund&#8217;s investment objective. Unlike many investment companies, the Fund does not try to &#8220;beat&#8221; the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. <br /><br /> Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by keeping portfolio turnover low in comparison to actively managed investment companies. <br /><br /> BFA uses a representative sampling indexing strategy to manage the Fund. &#8220;Representative sampling&#8221; is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability and yield) and liquidity measures similar to those of the Underlying Index. The Fund may or may not hold all of the securities in the Underlying Index. <br /><br /> The Fund will at all times invest at least 80% of its assets in the securities of its Underlying Index and in depositary receipts (&#8220;DRs&#8221;) representing securities in its Underlying Index. The Fund may invest the remainder of its assets in other securities, including securities not in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index, and in other investments, including futures contracts, options on futures contracts, other types of options and swaps related to its Underlying Index, as well as cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates. <br /><br /> The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of the collateral received). <br /><br /> The Underlying Index is sponsored by an organization (the &#8220;Index Provider&#8221;) that is independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. The Fund&#8217;s Index Provider is MSCI Inc. (&#8220;MSCI&#8221;). <br /><br /><b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries, which may include large-, mid- or small-capitalization companies, to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.<b>Principal Investment Strategies </b><b>Investment Objective</b><b>Summary of Principal Risks</b>As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. The Fund is subject to the principal risks noted below, any of which may adversely affect the Fund's net asset value per share (&#8220;NAV&#8221;), trading price, yield, total return and ability to meet its investment objective.<br /><br /><b>Asset Class Risk.</b> Securities in the Underlying Index or in the Fund's portfolio may underperform in comparison to the general securities markets or other asset classes.<br /><br /><b>Concentration Risk.</b> To the extent that the Fund's investments are concentrated in a particular issuer, region, country, market, industry or asset class, the Fund may be susceptible to loss due to adverse occurrences affecting that issuer, region, country, market, industry or asset class.<br /><br /><b>Currency Risk.</b> Because the Fund's NAV is determined in U.S. dollars, the Fund's NAV could decline if the currency of a non-U.S. market in which the Fund invests depreciates against the U.S. dollar.<br /><br /><b>Equity Securities Risk.</b> Equity securities are subject to changes in value and their values may be more volatile than other asset classes.<br /><br /><b>Financial Sector Risk.</b> Performance of companies in the financial sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. This sector has experienced significant losses in the recent past, and the impact of more stringent capital requirements and of recent or future regulation on any individual financial company or on the sector as a whole cannot be predicted.<br /><br /><b>Geographic Risk.</b> A natural or other disaster could occur in a geographic region in which the Fund invests, which could affect the economy or particular business operations of companies in the specific geographic region, causing an adverse impact on the Fund's investments in the affected region.<br /><br /><b>Index-Related Risk.</b> There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Index and therefore achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund&#8217;s ability to adjust its exposure to the required levels in order to track the Underlying Index. Errors in index data may occur from time to time and may not be identified and corrected for a period of time, and may have an adverse impact on the Fund and its Shareholders. <br /><br /><b>Issuer Risk.</b> Fund performance depends on the performance of individual securities to which the Fund has exposure. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline.<br /><br /><b>Management Risk.</b> As the Fund may not fully replicate the Underlying Index, it is subject to the risk that BFA's investment management strategy may not produce the intended results.<br /><br /><b>Market Risk.</b> The Fund could lose money over short periods due to short-term market movements and over longer periods during market downturns.<br /><br /><b>Market Trading Risk.</b> The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND'S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV.<br /><br /><b>Mid-Capitalization Companies Risk.</b> Compared to large-capitalization companies, mid-capitalization companies may be less stable and more susceptible to adverse developments, and their securities may be more volatile and less liquid.<br /><br /><b>Non-Diversification Risk.</b> The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund's performance may depend on the performance of a small number of issuers.<br /><br /><b>Non-U.S. Securities Risk.</b> Investments in the securities of non-U.S. issuers are subject to the risks associated with investing in those non-U.S. markets, such as heightened risks of inflation or nationalization. The Fund may lose money due to political, economic and geographic events affecting a Spanish issuer or market. The Fund is specifically exposed to <b>European Economic Risk</b>.<br /><br /><b>Passive Investment Risk.</b> The Fund is not actively managed and BFA does not attempt to take defensive positions under any market conditions, including declining markets.<br /><br /><b>Reliance on Trading Partners Risk.</b> The Fund invests in a country whose economy is heavily dependent upon trading with key partners. Any reduction in this trading may have an adverse impact on the Fund's investments. The Fund is specifically exposed to <b>European Economic Risk</b>.<br /><br /><b>Risk of Investing in Spain.</b> Investments in Spanish issuers may subject the Fund to legal, regulatory, political, currency, security, and economic risk specific to Spain. Among other things, Spain&#8217;s economy has been characterized by slow growth over the past few years due to factors such as low housing sales and construction declines, and the international credit crisis.<br /><br /><b>Securities Lending Risk.</b> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may lose money because the borrower of the Fund's loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of the collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.<br /><br /><b>Security Risk.</b> The geographic area in which the Fund invests has experienced security concerns. Incidents involving a country's or region's security may cause uncertainty in Spanish markets and may adversely affect its economy and the Fund's investments.<br /><br /><b>Structural Risk.</b> The country in which the Fund invests may be subject to considerable degrees of economic, political and social instability.<br /><br /><b>Telecommunications Sector Risk.</b> Companies in the telecommunications sector may be affected by industry competition, substantial capital requirements, government regulation and obsolescence of telecommunications products and services due to technological advancement.<br /><br /><b>Tracking Error Risk.</b> Tracking error is the divergence of the Fund&#8217;s performance from that of the Underlying Index. Tracking error may occur because of differences between the securities held in the Fund&#8217;s portfolio and those included in the Underlying Index, pricing differences, transaction costs, the Fund&#8217;s holding of cash, differences in timing of the accrual of dividends, changes to the Underlying Index or the need to meet various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Underlying Index does not. BFA EXPECTS THAT THE FUND MAY EXPERIENCE HIGHER TRACKING ERROR THAN IS TYPICAL FOR SIMILAR INDEX EXCHANGE-TRADED FUNDS.<br /><br /><b>Utilities Sector Risk.</b> The utilities sector is subject to significant government regulation and oversight. Companies in the utilities sector may be adversely affected due to increases in fuel and operating costs, rising costs of financing capital construction and the cost of complying with regulations, among other factors.<br /><br /><b>Valuation Risk.</b> The sale price the Fund could receive for a security may differ from the Fund's valuation of the security&#8201;and may differ from the value used by the Underlying Index, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. In addition, the value of the securities in the Fund's portfolio may change on days when shareholders will not be able to purchase or sell the Fund's shares.<b>Performance Information</b>The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund. Both assume that all dividends and distributions have been reinvested in the Fund. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Supplemental information about the Fund&#8217;s performance is shown under the heading Total Return Information in the Supplemental Information section of the Fund's prospectus (the &#8220;Prospectus&#8221;).The iShares MSCI Turkey ETF (the &#8220;Fund&#8221;) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Turkey Investable Market Index (the &#8220;Underlying Index&#8221;).<b>Year by Year Returns (Years Ended December 31)</b><b>Average Annual Total Returns<br/>(for the periods ended December 31, 2011)</b><b>Portfolio Turnover.</b>0.0053The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 4% of the average value of its portfolio.<b>Fees and Expenses</b>000.00530.04<b>Summary of Principal Risks</b>As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. The Fund is subject to the principal risks noted below, any of which may adversely affect the Fund's net asset value per share (&#8220;NAV&#8221;), trading price, yield, total return and ability to meet its investment objective. <br /><br /> <b>Asset Class Risk.</b> Securities in the Underlying Index or in the Fund's portfolio may underperform in comparison to the general securities markets or other asset classes. <br /><br /> <b>Commodity Exposure Risk.</b> The Fund invests in economies that are susceptible to fluctuations in certain commodity markets. Any negative changes in commodity markets could have an adverse impact on those economies. <br /><br /> <b>Concentration Risk.</b> To the extent that the Fund's investments are concentrated in a particular issuer, country, region, market, industry or asset class, the Fund may be susceptible to loss due to adverse occurrences affecting that issuer, country, region, market, industry or asset class. <br /><br /> <b>Consumer Staples Sector Risk.</b> The consumer staples sector may be affected by marketing campaigns, changes in consumer demands, government regulations and changes in commodity prices. <br /><br /> <b>Currency Risk.</b> Because the Fund's NAV is determined in U.S. dollars, the Fund's NAV could decline if the currency of a non-U.S. market in which the Fund invests depreciates against the U.S. dollar. <br /><br /> <b>Custody Risk.</b> Less developed markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by local banks, agents and depositories. <br /><br /> <b>Equity Securities Risk.</b> Equity securities are subject to changes in value and their values may be more volatile than other asset classes. <br /><br /><b>Financial Sector Risk.</b> Performance of companies in the financial sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. This sector has experienced significant losses in the recent past, and the impact of more stringent capital requirements and of recent or future regulation on any individual financial company or on the sector as a whole cannot be predicted. <br /><br /> <b>Geographic Risk.</b> A natural or other disaster could occur in a geographic region in which the Fund invests. <br /><br /> <b>Growth Securities Risk.</b> The Fund invests in growth securities, which may be more volatile than other types of investments, and growth securities can perform differently than the market as a whole and underperform when compared to securities with different investment parameters. <br /><br /> <b>Index-Related Risk.</b> There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Index and therefore achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund&#8217;s ability to adjust its exposure to the required levels in order to track the Underlying Index. Errors in index data may occur from time to time and may not be identified and corrected for a period of time, and may have an adverse impact on the Fund and its Shareholders. <br /><br /> <b>Information Technology Sector Risk.</b> Information technology companies face intense competition and potentially rapid product obsolescence. They are also heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. <br /><br /> <b>Issuer Risk.</b> Fund performance depends on the performance of individual securities to which the Fund has exposure. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline. <br /><br /> <b>Management Risk.</b> As the Fund may not fully replicate the Underlying Index, it is subject to the risk that BFA's investment management strategy may not produce the intended results. <br /><br /> <b>Market Risk.</b> The Fund could lose money over short periods due to short-term market movements and over longer periods during market downturns. <br /><br /> <b>Market Trading Risk.</b> The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND'S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV. <br /><br /> <b>Mid-Capitalization Companies Risk.</b> Compared to large-capitalization companies, mid-capitalization companies may be less stable and more susceptible to adverse developments, and their securities may be more volatile and less liquid. <br /><br /> <b>Non-Diversification Risk.</b> The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund's performance may depend on the performance of a small number of issuers. <br /><br /> <b>Non-U.S. Securities Risk.</b> Investments in the securities of non-U.S. issuers are subject to the risks associated with investing in those non-U.S. markets, such as heightened risks of inflation or nationalization. The Fund may lose money due to political, economic and geographic events affecting a non-U.S. issuer or market. The Fund is specifically exposed to <b>Asian Economic Risk</b> <b>and Central and South American Economic Risk</b>. <br /><br /> <b>Passive Investment Risk.</b> The Fund is not actively managed and BFA does not attempt to take defensive positions under any market conditions, including declining markets. <br /><br /> <b>Privatization Risk.</b> Some countries in which the Fund invests have privatized, or have begun the process of privatizing, certain entities and industries. Privatized entities may lose money or be re-nationalized. <br /><br /> <b>Reliance on Trading Partners Risk.</b> The Fund invests in countries whose economies are heavily dependent upon trading with key partners. Any reduction in this trading may have an adverse impact on the Fund's investments. The Fund is specifically exposed to <b>Asian Economic Risk</b>, <b>Central and South American Economic Risk</b>, <b>European Economic Risk</b> and <b>U.S. Economic Risk</b>. <br /><br /> <b>Risk of Investing in Emerging Markets.</b> The Fund's investments in emerging markets may be subject to a greater risk of loss than investments in more developed markets. Emerging markets may be more likely to experience inflation risk, political turmoil and rapid changes in economic conditions than more developed markets. Emerging markets often have less uniformity in accounting and reporting requirements, unreliable securities valuation and greater risk associated with custody of securities. <br /><br /> <b>Risk of Investing in India.</b> Investments in Indian issuers involves risks that are specific to India, including legal, regulatory, political and economic risks. The securities markets in India are relatively underdeveloped and may subject the Fund to higher transaction costs or greater uncertainty than investments in more developed securities markets. <br /><br /> <b>Risk of Investing in Russia.</b> Investing in Russian securities involves significant risks, including legal, regulatory and economic risks that are specific to Russia. In addition, investing in Russian securities involves risks associated with the settlement of portfolio transactions and loss of the Fund&#8217;s ownership rights in its portfolio securities, as a result of the system of share registration and custody in Russia. <br /><br /> <b>Securities Lending Risk.</b> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may lose money because the borrower of the Fund's loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of the collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund. <br /><br /> <b>Security Risk.</b> Some countries and regions in which the Fund invests have experienced security concerns. Incidents involving a country's or region's security may cause uncertainty in these markets and may adversely affect their economies and the Fund's investments. <br /><br /> <b>Structural Risk.</b> The countries in which the Fund invests may be subject to considerable degrees of economic, political and social instability. <br /><br /> <b>Tracking Error Risk.</b> Tracking error is the divergence of the Fund&#8217;s performance from that of the Underlying Index. Tracking error may occur because of differences between the securities held in the Fund&#8217;s portfolio and those included in the Underlying Index, pricing differences, transaction costs, the Fund&#8217;s holding of cash, differences in timing of the accrual of dividends, changes to the Underlying Index or the need to meet various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Underlying Index does not. BFA EXPECTS THAT THE FUND MAY EXPERIENCE HIGHER TRACKING ERROR THAN IS TYPICAL FOR SIMILAR INDEX EXCHANGE-TRADED FUNDS. <br /><br /> <b>Treaty/Tax Risk.</b> The Fund and the Subsidiary rely on the Double Tax Avoidance Agreement between India and Mauritius (&#8220;DTAA&#8221;) for relief from certain Indian taxes. Treaty renegotiation (particularly to introduce a limitation of benefit clause) or recent legislative changes may result in the Fund withdrawing from the Subsidiary, which may result in higher taxes and/or lower returns for the Fund. <br /><br /> <b>Valuation Risk.</b> The sale price the Fund could receive for a security may differ from the Fund's valuation of the security&#8201;and may differ from the value used by the Underlying Index, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. In addition, the value of the securities in the Fund's portfolio may change on days when shareholders will not be able to purchase or sell the Fund's shares.You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:As of the date of the Fund's prospectus (the &#8220;Prospectus&#8221;), the Fund has been in operation for less than one full calendar year and therefore does not report its performance information.As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. The Fund is subject to the principal risks noted below, any of which may adversely affect the Fund's net asset value per share (&#8220;NAV&#8221;), trading price, yield, total return and ability to meet its investment objective.<br/><br/><b>Asset Class Risk.</b> Securities in the Underlying Index or in the Fund's portfolio may underperform in comparison to the general securities markets or other asset classes.<br/><br/><b>Concentration Risk.</b> To the extent that the Fund's investments are concentrated in a particular issuer, region, country, market, industry or asset class, the Fund may be susceptible to loss due to adverse occurrences affecting that issuer, region, country, market, industry or asset class.<br/><br/><b>Consumer Staples Sector Risk.</b> The consumer staples sector may be affected by marketing campaigns, changes in consumer demands, government regulations and changes in commodity prices.<br/><br/><b>Currency Risk.</b> Because the Fund's NAV is determined in U.S. dollars, the Fund's NAV could decline if the currency of a non-U.S. market in which the Fund invests depreciates against the U.S. dollar.<br/><br/><b>Equity Securities Risk.</b> Equity securities are subject to changes in value and their values may be more volatile than other asset classes.<br/><br/><b>Financial Sector Risk.</b> Performance of companies in the financial sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. This sector has experienced significant losses in the recent past, and the impact of more stringent capital requirements and of recent or future regulation on any individual financial company or on the sector as a whole cannot be predicted.<br/><br/><b>Healthcare Sector Risk.</b> The healthcare sector may be affected by government regulations and government healthcare programs, increases or decreases in the cost of medical products and services and product liability claims, among other factors. Many healthcare companies are heavily dependent on patent protection and the expiration of a patent may adversely affect their profitability. Healthcare companies are subject to competitive forces that may result in price discounting, and may be thinly capitalized and susceptible to product obsolescence.<br/><br/><b>Index-Related Risk.</b> There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Index and therefore achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund&#8217;s ability to adjust its exposure to the required levels in order to track the Underlying Index. Errors in index data may occur from time to time and may not be identified and corrected for a period of time, and may have an adverse impact on the Fund and its Shareholders.<br/><br/><b>Issuer Risk.</b> Fund performance depends on the performance of individual securities to which the Fund has exposure. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline.<br/><br/><b>Lack of Natural Resources Risk.</b> The Fund invests in Switzerland, which has few natural resources. Any fluctuation or shortage in the commodity markets could have a negative impact on the Swiss economy.<br/><br/><b>Management Risk.</b> As the Fund may not fully replicate the Underlying Index, it is subject to the risk that BFA's investment management strategy may not produce the intended results.<br/><br/><b>Market Risk.</b> The Fund could lose money over short periods due to short-term market movements and over longer periods during market downturns.<br/><br/><b>Market Trading Risk.</b> The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND'S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV.<br/><br/><b>Non-Diversification Risk.</b> The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund's performance may depend on the performance of a small number of issuers.<br/><br/><b>Non-U.S. Securities Risk.</b> Investments in the securities of non-U.S. issuers are subject to the risks associated with investing in those non-U.S. markets, such as heightened risks of inflation or nationalization. The Fund may lose money due to political, economic and geographic events affecting a Swiss issuer or market. The Fund is specifically exposed to <b>European Economic Risk</b>.<br/><br/><b>Passive Investment Risk.</b> The Fund is not actively managed and BFA does not attempt to take defensive positions under any market conditions, including declining markets.<br/><br/><b>Reliance on Trading Partners Risk.</b> The Fund invests in a country whose economy is heavily dependent upon trading with key partners. Any reduction in this trading may have an adverse impact on the Fund's investments. The Fund is specifically exposed to <b>European Economic Risk</b> and <b>U.S. Economic Risk</b>.<br/><br/><b>Risk of Investing in Switzerland.</b> Investments in Swiss issuers may subject the Fund to legal, regulatory, political, currency, security, and economic risks specific to Switzerland. International trade is a large component of the Swiss economy and Switzerland depends upon exports to generate economic growth. The Swiss economy relies on certain key trading partners in order to sustain continued economic growth. Switzerland's economic growth mirrors slowdowns and growth spurts experienced in other countries, including the United States and certain Western European countries.<br/><br/><b>Securities Lending Risk.</b> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may lose money because the borrower of the Fund's loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of the collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.<br/><br/><b>Tracking Error Risk.</b> Tracking error is the divergence of the Fund&#8217;s performance from that of the Underlying Index. Tracking error may occur because of differences between the securities held in the Fund&#8217;s portfolio and those included in the Underlying Index, pricing differences, transaction costs, the Fund&#8217;s holding of cash, differences in timing of the accrual of dividends, changes to the Underlying Index or the need to meet various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Underlying Index does not. BFA EXPECTS THAT THE FUND MAY EXPERIENCE HIGHER TRACKING ERROR THAN IS TYPICAL FOR SIMILAR INDEX EXCHANGE-TRADED FUNDS.<br/><br/><b>Valuation Risk.</b> The sale price the Fund could receive for a security may differ from the Fund's valuation of the security&#8201;and may differ from the value used by the Underlying Index, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. In addition, the value of the securities in the Fund's portfolio may change on days when shareholders will not be able to purchase or sell the Fund's shares.<b>Performance Information</b><b>Principal Investment Strategies</b>As of the date of the Fund's prospectus (the &#8220;Prospectus&#8221;), the Fund has been in operation for less than one full calendar year and therefore does not report its performance information.The Underlying Index is a subset of the MSCI Emerging Markets Index. The Underlying Index generally represents approximately 50% of the MSCI Emerging Markets Index and consists of those securities classified by MSCI Inc. (&#8220;MSCI&#8221;) as most representing the growth style. Securities classified as growth style generally tend to have higher forecasted earnings growth rates, lower book value to price ratios, lower forward earnings to price ratios and lower dividend yields than securities representing the value style. MSCI uses a specialized framework to attribute both value and growth style characteristics to each security within the Underlying Index. Each security is evaluated based on certain value factors and growth factors, which are then used to calculate a value score and growth score. Based upon these two scores, MSCI determines the extent to which each security is assigned to the value or growth style. It is possible for a single security to have representation in both the value and growth style indexes; however, no more than 100% of a security&#8217;s float-adjusted market capitalization will be included within the combined style framework. <br /><br /> As of June 30, 2012, the Underlying Index consisted of issuers in the following 21 emerging market countries or regions: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Malaysia, Mexico, Morocco, Peru, the Philippines, Poland, Russia, South Africa, South Korea, Taiwan, Thailand and Turkey. Components primarily include consumer staples, financial and information technology companies. The component companies include mid-capitalization companies. The components of the Underlying Index, and the degree to which these components represent certain industries, may change over time. <br /><br /> The Fund generally invests at least 80% of its assets in securities of the Underlying Index or in depositary receipts representing securities in the Underlying Index. The Fund may invest the remainder of its assets in securities not included in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index and in other investments, including future contracts, options on futures contracts, options and swaps related to the Underlying Index, cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates. <br /><br /> The Fund invests all of its assets that are invested in India through a wholly owned subsidiary located in the Republic of Mauritius (the &#8220;Subsidiary&#8221;). BFA will serve as investment adviser to both the Fund and the Subsidiary. Unless otherwise indicated, the term Fund, as used in this Prospectus, means the Fund and/or the Subsidiary, as applicable. <br /><br /> BFA uses a &#8220;passive&#8221; or indexing approach to try to achieve the Fund&#8217;s investment objective. Unlike many investment companies, the Fund does not try to &#8220;beat&#8221; the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. <br /><br /> Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by keeping portfolio turnover low in comparison to actively managed investment companies. <br /><br /> BFA uses a representative sampling indexing strategy to manage the Fund. &#8220;Representative sampling&#8221; is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability and yield) and liquidity measures similar to those of the Underlying Index. The Fund may or may not hold all of the securities in the Underlying Index. <br /><br /> The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of the collateral received). <br /><br /> The Underlying Index is sponsored by an organization (the &#8220;Index Provider&#8221;) that is independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. The Fund&#8217;s Index Provider is MSCI. <br /><br /> <b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries, which may include large-, mid- or small-capitalization companies, to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.540.03170296<b>Performance Information</b>665The following table describes the fees and expenses that you will incur if you own shares of the Fund. The investment advisory agreement between iShares, Inc. (the &#8220;Company&#8221;) and BlackRock Fund Advisors (&#8220;BFA&#8221;) (the &#8220; Investment Advisory Agreement&#8221;) provides that BFA will pay all operating expenses of the Fund, except interest expenses, taxes, brokerage expenses, future distribution fees or expenses, and extraordinary expenses.<br/><br/>You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:The Underlying Index is designed to measure large-, mid- and small-cap equity market performance in the global emerging markets. As of September 30, 2012, the Underlying Index consisted of the following 21 emerging market countries: Brazil, Chile, China, Colombia, the Czech Republic, Egypt, Hungary, India, Indonesia, Malaysia, Mexico, Morocco, Peru, the Philippines, Poland, Russia, South Africa, South Korea, Taiwan, Thailand and Turkey. As of September 30, 2012, the Underlying Index was comprised of 2,622 constituents. Components primarily include energy, financials, information technology and materials companies. The components of the Underlying Index, and the degree to which these components represent certain industries, may change over time. <br /><br />BFA uses a &#8220;passive&#8221; or indexing approach to try to achieve the Fund&#8217;s investment objective. Unlike many investment companies, the Fund does not try to &#8220;beat&#8221; the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. <br /><br />Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by keeping portfolio turnover low in comparison to actively managed investment companies. <br /><br />BFA uses a representative sampling indexing strategy to manage the Fund. &#8220;Representative sampling&#8221; is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability and yield) and liquidity measures similar to those of the Underlying Index. The Fund may or may not hold all of the securities in the Underlying Index. <br /><br />The Fund generally invests at least 80% of its assets in securities of the Underlying Index and in depositary receipts representing securities of the Underlying Index. The Fund may invest the remainder of its assets in certain futures, options and swap contracts, cash and cash equivalents, including money market funds advised by BFA or its affiliates, as well as in securities not included in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index. <br /><br />The Fund will invest all of its assets that are invested in India through a wholly owned subsidiary located in the Republic of Mauritius (the &#8220;Subsidiary&#8221;). BFA will serve as investment adviser to both the Fund and the Subsidiary. Unless otherwise indicated, the term &#8220;Fund,&#8221; as used in this Prospectus, means the Fund and/or the Subsidiary, as applicable. <br /><br />The Fund may lend securities representing up to one-third of the value of the Fund&#8217;s total assets (including the value of the collateral received). <br /><br />The Underlying Index is sponsored by an organization (the &#8220;Index Provider&#8221;) that is independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. The Fund&#8217;s Index Provider is MSCI Inc. (&#8220;MSCI&#8221;).<br /><br /><b>Industry Concentration Policy. </b>The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries, which may include large-, mid- or small-capitalization companies, to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.<b>Summary of Principal Risks </b>The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund. Both assume that all dividends and distributions have been reinvested in the Fund. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Supplemental information about the Fund&#8217;s performance is shown under the heading Total Return Information in the Supplemental Information section of the Fund's prospectus (the &#8220;Prospectus&#8221;).<b>Average Annual Total Returns<br/>(for the periods ended December 31, 2011)</b>The Underlying Index consists of stocks traded primarily on the Johannesburg Stock Exchange. Components primarily include consumer discretionary, financial and materials companies. The components of the Underlying Index, and the degree to which these components represent certain industries, may change over time. <br /><br />BFA uses a &#8220;passive&#8221; or indexing approach to try to achieve the Fund&#8217;s investment objective. Unlike many investment companies, the Fund does not try to &#8220;beat&#8221; the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. <br /><br />Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by keeping portfolio turnover low in comparison to actively managed investment companies. <br /><br />BFA uses a representative sampling indexing strategy to manage the Fund. &#8220;Representative sampling&#8221; is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability and yield) and liquidity measures similar to those of the Underlying Index. The Fund may or may not hold all of the securities in the Underlying Index. <br /><br />The Fund will at all times invest at least 90% of its assets in the securities of its Underlying Index and in depositary receipts (&#8220;DRs&#8221;) representing securities in its Underlying Index. The Fund may invest the remainder of its assets in other securities, including securities not in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index, and in other investments, including futures contracts, options on futures contracts, other types of options and swaps related to its Underlying Index, as well as cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates. <br /><br />The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of the collateral received). <br /><br />The Underlying Index is sponsored by an organization (the &#8220;Index Provider&#8221;) that is independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. The Fund&#8217;s Index Provider is MSCI Inc. (&#8220;MSCI&#8221;). <br /><br /><b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries, which may include large-, mid- or small-capitalization companies, to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.<div style="display:none">~ http://www.iShares.com/role/ScheduleExpenseExampleTransposediSharesMSCIUnitedKingdomETF column period compact * ~</div><div style="display:none">~ http://www.iShares.com/role/ScheduleAverageAnnualTotalReturnsTransposediSharesMSCIUnitedKingdomETF column period compact * ~</div><b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries, which may include large-, mid- or small-capitalization companies, to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.<b>Annual Fund Operating Expenses<br/>(ongoing expenses that you pay each year as a<br/>percentage of the value of your investments)<b>Summary of Principal Risks</b>-0.11460.332-0.13670.15660.56780.14340.29410.29450.0698-0.29780.04450.2590.49530.1371-0.07310.223-0.39030.3801-0.1983-0.10050.0061000.0061iSHARES<sup>&#174</sup> MSCI MEXICO CAPPED ETF<br/>Ticker: EWW&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock Exchange: NYSE Arca<b>Investment Objective</b>The iShares MSCI Mexico Capped ETF (the &#8220;Fund&#8221;) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Mexico IMI 25/50 Index (the &#8220;Underlying Index&#8221;).<b>Year by Year Returns (Years Ended December 31)</b><b>Fees and Expenses</b><b>Example.</b>iSHARES<sup>&#174</sup> MSCI UNITED KINGDOM ETF<br/>Ticker: EWU&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock Exchange: NYSE Arca-0.1005-0.1058-0.0421-0.1228This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:-0.0579-0.0598-0.0416-0.06270.07340.07130.06880.0688The following table describes the fees and expenses that you will incur if you own shares of the Fund. The investment advisory agreement between iShares, Inc. (the &#8220;Company&#8221;) and BlackRock Fund Advisors (&#8220;BFA&#8221;) (the &#8220; Investment Advisory Agreement&#8221;) provides that BFA will pay all operating expenses of the Fund, except interest expenses, taxes, brokerage expenses, future distribution fees or expenses, and extraordinary expenses.<br/><br/>You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. The Fund is subject to the principal risks noted below, any of which may adversely affect the Fund's net asset value per share (&#8220;NAV&#8221;), trading price, yield, total return and ability to meet its investment objective. <br /><br /><b>Asset Class Risk.</b> Securities in the Underlying Index or in the Fund's portfolio may underperform in comparison to the general securities markets or other asset classes. <br /><br /><b>Concentration Risk.</b> To the extent that the Fund's investments are concentrated in a particular issuer, region, country, market, industry or asset class, the Fund may be susceptible to loss due to adverse occurrences affecting that issuer, region, country, market, industry or asset class. <br /><br /><b>Currency Risk.</b> Because the Fund's NAV is determined in U.S. dollars, the Fund's NAV could decline if the currency of a non-U.S. market in which the Fund invests depreciates against the U.S. dollar.<br/><br/><b>Custody Risk.</b> Less developed markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by local banks, agents and depositories. <br /><br /><b>Energy Sector Risk.</b> The value of securities issued by companies in the energy sector may decline for many reasons, including, without limitation, changes in energy prices, government regulations, energy conservation efforts and potential civil liabilities. <br /><br /><b>Equity Securities Risk.</b> Equity securities are subject to changes in value and their values may be more volatile than other asset classes. <br /><br /><b>Financial Sector Risk.</b> Performance of companies in the financial sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. This sector has experienced significant losses in the recent past, and the impact of more stringent capital requirements and of recent or future regulation on any individual financial company or on the sector as a whole cannot be predicted. <br /><br /><b>Geographic Risk.</b> A natural or other disaster could occur in a geographic region in which the Fund invests, which could affect the economy or particular business operations of companies in the specific geographic region, causing an adverse impact on the Fund's investments in the affected region. <br /><br /><b>Index-Related Risk. </b>There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Index and therefore achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund&#8217;s ability to adjust its exposure to the required levels in order to track the Underlying Index. Errors in index data may occur from time to time and may not be identified and corrected for a period of time, and may have an adverse impact on the Fund and its Shareholders. <br /><br /><b>Issuer Risk.</b> Fund performance depends on the performance of individual securities to which the Fund has exposure. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline. <br /><br /><b>Management Risk.</b> As the Fund may not fully replicate the Underlying Index, it is subject to the risk that BFA's investment management strategy may not produce the intended results. <br /><br /><b>Market Risk.</b> The Fund could lose money over short periods due to short-term market movements and over longer periods during market downturns. <br /><br /><b>Market Trading Risk.</b> The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND'S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV. <br /><br /><b>Materials Sector Risk.</b> Companies in the materials sector may be adversely impacted by the volatility of commodity prices, exchange rates, depletion of resources, over-production, litigation and government regulations, among other factors.<br /><br /><b>Non-Diversification Risk.</b> The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund's performance may depend on the performance of a small number of issuers. <br /><br /><b>Non-U.S. Securities Risk.</b> Investments in the securities of non-U.S. issuers are subject to the risks associated with investing in those non-U.S. markets, such as heightened risks of inflation or nationalization. The Fund may lose money due to political, economic and geographic events affecting a Thai issuer or market. The Fund is specifically exposed to <b>Asian Economic Risk</b>.<br /><br /><b>Passive Investment Risk.</b> The Fund is not actively managed and BFA does not attempt to take defensive positions under any market conditions, including declining markets. <br /><br /><b>Reliance on Trading Partners Risk.</b> The Fund invests in a country whose economy is heavily dependent upon trading with key partners. Any reduction in this trading may have an adverse impact on the Fund's investments. The Fund is specifically exposed to <b>Asian Economic Risk</b>, <b>European Economic Risk</b> and <b>U.S. Economic Risk</b>.<br /><br /><b>Risk of Investing in Emerging Markets.</b> The Fund's investments in emerging markets may be subject to a greater risk of loss than investments in more developed markets. Emerging markets may be more likely to experience inflation risk, political turmoil and rapid changes in economic conditions than more developed markets. Emerging markets often have less uniformity in accounting and reporting requirements, unreliable securities valuation and greater risk associated with custody of securities. <br /><br /><b>Risk of Investing in Thailand.</b> Investments in Thai issuers may subject the Fund to legal, regulatory, political, currency, security, and economic risk specific to Thailand. Among other things, Thailand&#8217;s economy is heavily dependent on trading relationships with certain key trading partners, including the United States, China, Japan and other Asian countries. <br /><br /><b>Securities Lending Risk. </b>The Fund may engage in securities lending. Securities lending involves the risk that the Fund may lose money because the borrower of the Fund's loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of the collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund. <br /><br /><b>Security Risk.</b> The geographic area in which the Fund invests has experienced security concerns. Incidents involving a country's or region's security may cause uncertainty in Thai markets and may adversely affect its economy and the Fund's investments. <br /><br /><b>Structural Risk.</b> The country in which the Fund invests may be subject to considerable degrees of economic, political and social instability. <br /><br /><b>Tracking Error Risk.</b> Tracking error is the divergence of the Fund&#8217;s performance from that of the Underlying Index. Tracking error may occur because of differences between the securities held in the Fund&#8217;s portfolio and those included in the Underlying Index, pricing differences, transaction costs, the Fund&#8217;s holding of cash, differences in timing of the accrual of dividends, changes to the Underlying Index or the need to meet various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Underlying Index does not. BFA EXPECTS THAT THE FUND MAY EXPERIENCE HIGHER TRACKING ERROR THAN IS TYPICAL FOR SIMILAR INDEX EXCHANGE-TRADED FUNDS. <br /><br /><b>Valuation Risk.</b> The sale price the Fund could receive for a security may differ from the Fund's valuation of the security&#8201;and may differ from the value used by the Underlying Index, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. In addition, the value of the securities in the Fund's portfolio may change on days when shareholders will not be able to purchase or sell the Fund's shares.62195340best<b>Investment Objective</b>2009-09-307620.222worst2002-09-30-0.1987The Fund&#8217;s total return for the nine months ended<b>Performance Information</b><b>Annual Fund Operating Expenses<br/> (ongoing expenses that you pay each year as a<br/> percentage of the value of your investments)</b>2012-09-300.1148The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund. Both assume that all dividends and distributions have been reinvested in the Fund. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Supplemental information about the Fund&#8217;s performance is shown under the heading Total Return Information in the Supplemental Information section of the Fund's prospectus (the &#8220;Prospectus&#8221;).0.00530<div style="display:none">~ http://www.iShares.com/role/ScheduleExpenseExampleTransposediSharesMSCIHongKongETF column period compact * ~</div>
00.0053The best calendar quarter return during the periods shown above was 22.20% in the 3rd quarter of 2009; the worst was -19.87% in the 3rd quarter of 2002.<br/><br/>Updated performance information is available at www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund.<b>Portfolio Turnover.</b><b>Average Annual Total Returns<br/>(for the periods ended December 31, 2011) </b>The iShares MSCI United Kingdom ETF (the &#8220;Fund&#8221;) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI United Kingdom Index (the &#8220;Underlying Index&#8221;).The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 9% of the average value of its portfolio.<b>Fees and Expenses</b><b>Principal Investment Strategies</b><b>Example.</b>0.0068This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments.00540.0068170-0.0019296As with any investment, you could lose all or part of your investment in the Fund, and the Fund&#8217;s performance could trail that of other investments. The Fund is subject to the principal risks noted below, any of which may adversely affect the Fund&#8217;s NAV, trading price, yield, total return and ability to meet its investment objective.<br /><br /><b>Asset Class Risk. </b>Securities in the Underlying Index or in the Fund&#8217;s portfolio may underperform in comparison to the general securities markets or other asset classes.<br /><br /><b>Commodity Exposure Risk. </b>The Fund invests in economies that are susceptible to fluctuations in certain commodity markets. Any negative changes in commodity markets could have an adverse impact on those economies.<br /><br /><b>Concentration Risk. </b>To the extent that the Fund&#8217;s investments are concentrated in a particular issuer, region, country, market, industry or asset class, the Fund may be susceptible to loss due to adverse occurrences affecting that issuer, region, country, market, industry or asset class.<br /><br /><b>Currency Risk.</b> Because the Fund&#8217;s NAV is determined in U.S. dollars, the Fund&#8217;s NAV could decline if the currency of a non-U.S. market in which the Fund invests depreciates against the U.S. dollar.<br /><br /><b>Custody Risk.</b> Less developed markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by local banks, agents and depositories.<br /><br /><b>Energy Sector Risk. </b>The value of securities issued by companies in the energy sector may decline for many reasons, including, without limitation, changes in energy prices, government regulations, energy conservation efforts and potential civil liabilities.<br /><br /><b>Equity Securities Risk. </b>Equity securities are subject to changes in value and their values may be more volatile than other asset classes.<br /><br /><b>Financial Sector Risk. </b>Performance of companies in the financial sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. This sector has experienced significant losses in the recent past, and the impact of more stringent capital requirements and of recent or future regulation on any individual financial company or on the sector as a whole cannot be predicted.<br /><br /><b>Geographic Risk. </b>A natural or other disaster could occur in a geographic region in which the Fund invests, which could affect the economy or particular business operations of companies in the specific geographic region, causing an adverse impact on the Fund&#8217;s investments in the affected region.<br /><br /><b>Index-Related Risk.</b> There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Index and therefore achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund&#8217;s ability to adjust its exposure to the required levels in order to track the Underlying Index. Errors in index data may occur from time to time and may not be identified and corrected for a period of time, and may have an adverse impact on the Fund and its Shareholders.<br /><br /><b>Information Technology Sector Risk.</b><br /> Information technology companies face intense competition and potentially rapid product obsolescence. They are also heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights.<br /><br /><b>Issuer Risk.</b> Fund performance depends on the performance of individual securities to which the Fund has exposure. Changes to the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline.<br /><br /><b>Management Risk.</b> As the Fund may not fully replicate the Underlying Index, it is subject to the risk that BFA&#8217;s investment management strategy may not produce the intended results.<br /><br /><b>Market Risk.</b> The Fund could lose money over short periods due to short-term market movements and over longer periods during market downturns.<br /><br /><b>Market Trading Risk.</b> The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND&#8217;S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV.<br /><br /><b>Materials Sector Risk. </b>Companies in the materials sector may be adversely impacted by the volatility of commodity prices, exchange rates, depletion of resources, over-production, litigation and government regulations, among other factors.<br /><br /><b>Non-U.S. Securities Risk. </b>Investments in the securities of non-U.S. issuers are subject to the risks associated with investing in those non-U.S. markets, such as heightened risks of inflation or nationalization. The Fund may lose money due to political, economic and geographic events affecting a non-U.S. issuer or market. The Fund is specifically exposed to <b>Asian Economic Risk.</b><br /><br /><b>Passive Investment Risk. </b>The Fund is not actively managed and BFA does not attempt to take defensive positions under any market conditions, including declining markets.<br /><br /><b>Privatization Risk. </b>Some countries in which the Fund invests have privatized or have begun a process of privatizing certain entities and industries. Privatized entities may lose money or be re-nationalized.<br /><br /><b>Reliance on Trading Partners Risk. </b>The Fund invests in countries whose economies are heavily dependent upon trading with key partners. Any reduction in this trading may have an adverse impact on the Fund&#8217;s investments. Through its trading partners, the Fund is specifically exposed to <b>European Economic Risk </b>and <b>U.S. Economic Risk. </b><br /><br /><b>Risk of Investing in Emerging Markets. </b>The Fund&#8217;s investments in emerging markets may be subject to a greater risk of loss than investments in more developed markets. Emerging markets may be more likely to experience inflation risk, political turmoil and rapid changes in economic conditions than more developed markets. Emerging markets often have less uniformity in accounting and reporting requirements, unreliable securities valuation and greater risk associated with custody of securities.<br /><br /><b>Risk of Investing in India. </b>Investment in Indian issuers involves risks that are specific to India, including legal, regulatory, political and economic risks. The securities markets in India are relatively underdeveloped and may subject the Fund to higher transaction costs or greater uncertainty than investments in more developed securities markets. Such risks may adversely affect the value of the Fund&#8217;s investments.<br /><br /><b>Risk of Investing in Russia. </b>Investing in Russian securities involves significant risks, including legal, regulatory and economic risks that are specific to Russia. In addition, investing in Russian securities involves risks associated with the settlement of portfolio transactions and loss of the Fund&#8217;s ownership rights in its portfolio securities, as a result of the system of share registration and custody in Russia.<br /><br /><b>Securities Lending Risk. </b>The Fund may engage in securities lending. Securities lending involves the risk that the Fund may lose money because the borrower of the Fund&#8217;s loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of the collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.<br /><br /><b>Securities Market Risk. </b>Non-U.S. securities markets may trade a small number of securities and may be unable to respond effectively to increases in trading volume, potentially making prompt liquidation of holdings difficult or impossible at times.<br /><br /><b>Security Risk. </b>Some countries and regions in which the Fund invests have experienced security concerns. Incidents involving a country&#8217;s or region&#8217;s security may cause uncertainty in these markets and may adversely affect their economies and the Fund&#8217;s investments.<br /><br /><b>Structural Risk. </b>The countries in which the Fund invests may be subject to considerable degrees of economic, political and social instability.<br /><br /><b>Tracking Error Risk. </b>Tracking error is the divergence of the Fund&#8217;s performance from that of the Underlying Index. Tracking error may occur because of imperfect correlation between the Fund&#8217;s holdings of portfolio securities and those in the Underlying Index, pricing differences, the Fund&#8217;s holding of cash, differences on timing of the accrual of dividends, changes to the Underlying Index or the need to meet various regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Underlying Index does not.<br /><br /><b>Treaty/Tax Risk. </b>The Fund and the Subsidiary will rely on the Double Tax Avoidance Agreement between India and Mauritius (&#8220;DTAA&#8221;) for relief from certain Indian taxes. Treaty renegotiation (particularly to introduce a limitation of benefit clause) or recent legislative changes may result in the Fund withdrawing from the Subsidiary, which may result in higher taxes and/or lower returns for the Fund.<br /><br /><b>Valuation Risk. </b>The sales price the Fund could receive for a security may differ from the Fund&#8217;s valuation of the security and may differ from the value used by the Underlying Index, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. In addition, the value of the securities in the Fund&#8217;s portfolio may change on days when shareholders will not be able to purchase or sell the Fund&#8217;s shares.-0.0731-0.0732-0.0399-0.06770.0049665iSHARES<sup>&#174</sup> MSCI EMERGING MARKETS GROWTH ETF<br/>Ticker: EGRW &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock Exchange: NASDAQ-0.00070.00030.0029-0.00948851920.07240.07280.06620.0698The following table describes the fees and expenses that you will incur if you own shares of the Fund. The investment advisory agreement between iShares, Inc. (the &#8220;Company&#8221;) and BlackRock Fund Advisors (&#8220;BFA&#8221;) (the &#8220; Investment Advisory Agreement&#8221;) provides that BFA will pay all operating expenses of the Fund, except interest expenses, taxes, brokerage expenses, future distribution fees or expenses, and extraordinary expenses.<br/><br/>You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. The Fund is subject to the principal risks noted below, any of which may adversely affect the Fund's net asset value per share (&#8220;NAV&#8221;), trading price, yield, total return and ability to meet its investment objective. <br /><br /><b>Asset Class Risk.</b> Securities in the Underlying Index or in the Fund's portfolio may underperform in comparison to the general securities markets or other asset classes. <br /><br /><b>Commodity Exposure Risk.</b> The Fund invests in South Africa, which is susceptible to fluctuations in certain commodity markets. Any negative changes in commodity markets could have an adverse impact on the South African economy. <br /><br /><b>Concentration Risk.</b> To the extent that the Fund's investments are concentrated in a particular issuer, region, country, market, industry or asset class, the Fund may be susceptible to loss due to adverse occurrences affecting that issuer, region, country, market, industry or asset class. <br /><br /><b>Consumer Discretionary Sector Risk.</b> The consumer discretionary sector may be affected by changes in domestic and international economies, exchange and interest rates, competition, consumers' disposable income and consumer preferences, social trends and marketing campaigns. <br /><br /><b>Currency Risk.</b> Because the Fund's NAV is determined in U.S. dollars, the Fund's NAV could decline if the currency of a non-U.S. market in which the Fund invests depreciates against the U.S. dollar. <br /><br /><b>Custody Risk.</b> Less developed markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by local banks, agents and depositories. <br /><br /><b>Equity Securities Risk.</b> Equity securities are subject to changes in value and their values may be more volatile than other asset classes. <br /><br /><b>Financial Sector Risk.</b> Performance of companies in the financial sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. This sector has experienced significant losses in the recent past, and the impact of more stringent capital requirements and of recent or future regulation on any individual financial company or on the sector as a whole cannot be predicted. <br /><br /><b>Index-Related Risk.</b> There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Index and therefore achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund&#8217;s ability to adjust its exposure to the required levels in order to track the Underlying Index. Errors in index data may occur from time to time and may not be identified and corrected for a period of time, and may have an adverse impact on the Fund and its Shareholders. <br /><br /><b>Issuer Risk.</b> Fund performance depends on the performance of individual securities to which the Fund has exposure. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline. <br /><br /><b>Management Risk.</b> As the Fund may not fully replicate the Underlying Index, it is subject to the risk that BFA's investment management strategy may not produce the intended results. <br /><br /><b>Market Risk.</b> The Fund could lose money over short periods due to short-term market movements and over longer periods during market downturns. <br /><br /><b>Market Trading Risk.</b> The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND'S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV. <br /><br /><b>Materials Sector Risk.</b> Companies in the materials sector may be adversely impacted by the volatility of commodity prices, exchange rates, depletion of resources, over-production, litigation and government regulations, among other factors. <br /><br /><b>Mid-Capitalization Companies Risk.</b> Compared to large-capitalization companies, mid-capitalization companies may be less stable and more susceptible to adverse developments, and their securities may be more volatile and less liquid. <br /><br /><b>Non-Diversification Risk.</b> The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund's performance may depend on the performance of a small number of issuers. <br /><br /><b>Non-U.S. Securities Risk.</b> Investments in the securities of non-U.S. issuers are subject to the risks associated with investing in those non-U.S. markets, such as heightened risks of inflation or nationalization. The Fund may lose money due to political, economic and geographic events affecting a South African issuer or market. The Fund is specifically exposed to <b>African Economic Risk</b>.<br /><br /><b>Passive Investment Risk.</b> The Fund is not actively managed and BFA does not attempt to take defensive positions under any market conditions, including declining markets. <br /><br /><b>Privatization Risk.</b> The country in which the Fund invests has privatized, or has begun a process of privatizing, certain entities and industries. Privatized entities may lose money or be re-nationalized. <br /><br /><b>Reliance on Trading Partners Risk.</b> The Fund invests in a country whose economy is heavily dependent upon trading with key partners. Any reduction in this trading may have an adverse impact on the Fund's investments. The Fund is specifically exposed to <b>Asian Economic Risk</b>, <b>European Economic Risk</b> and <b>U.S. Economic Risk</b>. <br /><br /><b>Risk of Investing in Emerging Markets.</b> The Fund's investments in emerging markets may be subject to a greater risk of loss than investments in more developed markets. Emerging markets may be more likely to experience inflation risk, political turmoil and rapid changes in economic conditions than more developed markets. Emerging markets often have less uniformity in accounting and reporting requirements, unreliable securities valuation and greater risk associated with custody of securities. <br /><br /><b>Risk of Investing in South Africa.</b> Investing in South African securities involves significant risks, including legal, regulatory and economic risks specific to South Africa. Among other things, South Africa's economy is heavily dependent on its agriculture and mining sectors, and, thus, susceptible to fluctuations in the commodity markets. <br /><br /><b>Securities Lending Risk.</b> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may lose money because the borrower of the Fund's loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of the collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund. <br /><br /><b>Security Risk.</b> The geographic area in which the Fund invests has experienced security concerns. Incidents involving a country's or region's security may cause uncertainty in South African markets and may adversely affect its economy and the Fund's investments. <br /><br /><b>Structural Risk.</b> The country in which the Fund invests may be subject to considerable degrees of economic, political and social instability. <br /><br /><b>Tracking Error Risk.</b> Tracking error is the divergence of the Fund&#8217;s performance from that of the Underlying Index. Tracking error may occur because of differences between the securities held in the Fund&#8217;s portfolio and those included in the Underlying Index, pricing differences, transaction costs, the Fund&#8217;s holding of cash, differences in timing of the accrual of dividends, changes to the Underlying Index or the need to meet various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Underlying Index does not. BFA EXPECTS THAT THE FUND MAY EXPERIENCE HIGHER TRACKING ERROR THAN IS TYPICAL FOR SIMILAR INDEX EXCHANGE-TRADED FUNDS. <br /><br /><b>Valuation Risk.</b> The sale price the Fund could receive for a security may differ from the Fund's valuation of the security&#8201;and may differ from the value used by the Underlying Index, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. In addition, the value of the securities in the Fund's portfolio may change on days when shareholders will not be able to purchase or sell the Fund's shares.<div style="display:none">~ http://www.iShares.com/role/ScheduleExpenseExampleTransposediSharesMSCIUSAETF column period compact * ~</div><div style="display:none">~ http://www.iShares.com/role/ScheduleAverageAnnualTotalReturnsTransposediSharesMSCIUSAETF column period compact * ~</div><b>Non-Diversification Risk.</b> The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund's performance may depend on the performance of a small number of issuers.<b>Performance Information </b>As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments.<b>Portfolio Turnover.</b>1996-03-12As of the date of the Prospectus, the Fund has been in operation for less than one full calendar year and therefore does not report its performance information.The Underlying Index is a free float-adjusted market capitalization index designed to measure broad-based equity market performance in Turkey. The Underlying Index consists of stocks traded primarily on the Istanbul Stock Exchange (ISE). Components primarily include consumer staples, financial and industrials companies. The components of the Underlying Index, and the degree to which these components represent certain industries, may change over time.<br/><br/>BFA uses a &#8220;passive&#8221; or indexing approach to try to achieve the Fund&#8217;s investment objective. Unlike many investment companies, the Fund does not try to &#8220;beat&#8221; the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued.<br/><br/>Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by keeping portfolio turnover low in comparison to actively managed investment companies.<br/><br/>BFA uses a representative sampling indexing strategy to manage the Fund. &#8220;Representative sampling&#8221; is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability and yield) and liquidity measures similar to those of the Underlying Index. The Fund may or may not hold all of the securities in the Underlying Index.<br/><br/>The Fund will at all times invest at least 90% of its assets in the securities of the Underlying Index or in depositary receipts representing securities in its Underlying Index. The Fund may invest the remainder of its assets in certain futures, options and swap contracts, cash and cash equivalents, including money market funds advised by BFA or its affiliates, as well as in securities not included in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index.<br/><br/>The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of the collateral received).<br/><br/>The Underlying Index is sponsored by an organization (the &#8220;Index Provider&#8221;) that is independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. The Fund&#8217;s Index Provider is MSCI Inc. (&#8220;MSCI&#8221;).<br/><br/><b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries, which may include large-, mid- or small-capitalization companies, to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.<b>Non-Diversification Risk.</b> The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund's performance may depend on the performance of a small number of issuers.50178<b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries, which may include large-, mid- or small-capitalization companies, to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.<b>Annual Fund Operating Expenses<br/>(ongoing expenses that you pay each year as a<br/>percentage of the value of your investments)</b>340<b>Summary of Principal Risks</b>810<b>Performance Information</b>The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 10% of the average value of its portfolio.0.1<b>Annual Fund Operating Expenses<br/>(ongoing expenses that you pay each year as a<br/>percentage of the value of your investments)</b>The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund. Both assume that all dividends and distributions have been reinvested in the Fund. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Supplemental information about the Fund&#8217;s performance is shown under the heading Total Return Information in the Supplemental Information section of the Fund's prospectus (the &#8220;Prospectus&#8221;).iSHARES<sup>&#174</sup> MSCI USA ETF <br/>Ticker: EUSA&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock Exchange: NYSE Arca<b>Principal Investment Strategies</b><b>Investment Objective </b>You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:The iShares MSCI USA ETF (the &#8220; Fund&#8221;) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI USA Index (the &#8220;Underlying Index&#8221;).You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:<b>Fees and Expenses </b>The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund.The following table describes the fees and expenses that you will incur if you own shares of the Fund. The investment advisory agreement between iShares, Inc. (the &#8220;Company&#8221;) and BlackRock Fund Advisors (&#8220;BFA&#8221;) (the &#8220; Investment Advisory Agreement&#8221;) provides that BFA will pay all operating expenses of the Fund, except interest expenses, taxes, brokerage expenses, future distribution fees or expenses, and extraordinary expenses. <br/><br/>You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:0.120.0053<b>Industry Concentration Policy. </b>The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries, which may include large-, mid- or small-capitalization companies, to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:<b>Annual Fund Operating Expenses<br/>(ongoing expenses that you pay each year as a<br/>percentage of the value of your investments)</b><b>Year by Year Returns (Years Ended December 31)</b>0.001501-800-iShares (1-800-474-2737) (toll free)0As with any investment, you could lose all or part of your investment in the Fund, and the Fund&#8217;s performance could trail that of other investments.0.00150www.iShares.com00.0053December 31, 20140.43640.2650.1951You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:<b>Example. </b>0.17290.12This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:15Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.-0.38910.56380.3333The Underlying Index consists of stocks traded primarily on the Mexican Stock Exchange. The Underlying Index is a free-float adjusted market capitalization weighted index with a capping methodology applied to issuer weights so that no single issuer of a component exceeds 25% of the Underlying Index weight and all issuers with weight above 5% do not exceed 50% of the Underlying Index weight. Components primarily include consumer staples, materials and telecommunications companies. The components of the Underlying Index, and the degree to which these components represent certain industries, may change over time. <br /><br />BFA uses a &#8220;passive&#8221; or indexing approach to try to achieve the Fund&#8217;s investment objective. Unlike many investment companies, the Fund does not try to &#8220;beat&#8221; the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. <br /><br />Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by keeping portfolio turnover low in comparison to actively managed investment companies. <br /><br />BFA uses a representative sampling indexing strategy to manage the Fund. &#8220;Representative sampling&#8221; is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability and yield) and liquidity measures similar to those of the Underlying Index. The Fund may or may not hold all of the securities in the Underlying Index. <br /><br />The Fund will at all times invest at least 80% of its assets in the securities of its Underlying Index and in depositary receipts (&#8220;DRs&#8221;) representing securities in its Underlying Index. The Fund may invest the remainder of its assets in other securities, including securities not in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index, and in other investments, including futures contracts, options on futures contracts, other types of options and swaps related to its Underlying Index, as well as cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates. <br /><br />The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of the collateral received). <br /><br />The Underlying Index is sponsored by an organization (the &#8220;Index Provider&#8221;) that is independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. The Fund&#8217;s Index Provider is MSCI Inc. (&#8220;MSCI&#8221;). <br /><br /><b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries, which may include large-, mid- or small-capitalization companies, to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.-0.1483<b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries, which may include large-, mid- or small-capitalization companies, to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.As of the date of the Prospectus, the Fund has been in operation for less than one full calendar year and therefore does not report its performance information.As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments.<b>Example.</b><b>Portfolio Turnover. </b>This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:<b>Non-Diversification Risk.</b> The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund's performance may depend on the performance of a small number of issuers.<b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries, which may include large-, mid- or small-capitalization companies, to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.<div style="display:none">~ http://www.iShares.com/role/ScheduleAnnualFundOperatingExpensesTransposediSharesMSCIUSAETF column period compact * ~</div>
The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 6% of the average value of its portfolio.<b>Summary of Principal Risks</b>0.0654<b>Principal Investment Strategies </b>170296665The best calendar quarter return during the periods shown above was 31.02% in the 2nd quarter of 2009; the worst was -17.43% in the 4th quarter of 2008.<br/><br/>Updated performance information is available at www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).The Underlying Index is a market capitalization-weighted index designed to measure the performance of equity securities in the top 85% by market capitalization of equity securities listed on stock exchanges in the United States. Components primarily include consumer discretionary, financial, healthcare and information technology companies. The components of the Underlying Index, and the degree to which these components represent certain industries, may change over time. <br /><br /> BFA uses a &#8220;passive&#8221; or indexing approach to try to achieve the Fund&#8217;s investment objective. Unlike many investment companies, the Fund does not try to &#8220;beat&#8221; the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. <br /><br /> Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by keeping portfolio turnover low in comparison to actively managed investment companies. <br /><br /> BFA uses a representative sampling indexing strategy to manage the Fund. &#8220;Representative sampling&#8221; is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability and yield) and liquidity measures similar to those of the Underlying Index. The Fund may or may not hold all of the securities in the Underlying Index. <br /><br /> The Fund generally invests at least 90% of its assets in the securities of the Underlying Index or in depositary receipts representing securities in its Underlying Index. The Fund may invest the remainder of its assets in certain futures, options and swap contracts, cash and cash equivalents, including money market funds advised by BFA or its affiliates, as well as in securities not included in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index. <br /><br /> The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of the collateral received). <br /><br /> The Underlying Index is sponsored by an organization (the &#8220;Index Provider&#8221;) that is independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. The Fund&#8217;s Index Provider is MSCI Inc. (&#8220;MSCI&#8221;). <br /><br /><b> Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries, which may include large-, mid- or small-capitalization companies, to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.December 31, 20140.031-800-iShares (1-800-474-2737) (toll free)<b>Portfolio Turnover.</b><b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries, which may include large-, mid- or small-capitalization companies, to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.iSHARES<sup>&#174;</sup> MSCI JAPAN SMALL-CAP ETF <br/>Ticker: SCJ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock Exchange: NYSE Arca<b>Year by Year Returns (Years Ended December 31)</b><b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries, which may include large-, mid- or small-capitalization companies, to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.The best calendar quarter return during the periods shown above was 52.63% in the 2nd quarter of 2009; the worst was -13.74% in the 3rd quarter of 2011.<br/><br/>Updated performance information is available at www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments.<b>Summary of Principal Risks </b>www.iShares.comThe Fund may pay transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 7% of the average value of its portfolio.You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.As of the date of the Fund's prospectus (the &#8220;Prospectus&#8221;), the Fund has been in operation for less than one full calendar year and therefore does not report its performance information.0.17<b>Investment Objective</b>The iShares MSCI Japan Small-Cap ETF (the &#8220;Fund&#8221;) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Japan Small Cap Index (the &#8220;Underlying Index&#8221;).You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:0.00690.07iSHARES<sup>&#174</sup> MSCI EMERGING MARKETS ASIA ETF<br/>Ticker: EEMA&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock Exchange: NASDAQ<b>Fees and Expenses</b><b>Investment Objective</b>0The iShares MSCI Emerging Markets Asia ETF (the &#8220;Fund&#8221;) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Emerging Markets Asia Index (the &#8220;Underlying Index&#8221;).<b>Fees and Expenses</b>0<b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries, which may include large-, mid- or small-capitalization companies, to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.The following table describes the fees and expenses that you will incur if you own shares of the Fund. The investment advisory agreement between iShares, Inc. (the &#8220;Company&#8221;) and BlackRock Fund Advisors (&#8220;BFA&#8221;) (the &#8220;Investment Advisory Agreement&#8221;) provides that BFA will pay all operating expenses of the Fund, except interest expenses, taxes, brokerage expenses, future distribution fees or expenses, and extraordinary expenses. BFA, the investment adviser to the Fund, has contractually agreed to waive a portion of its management fees in order to limit Total Annual Fund Operating Expenses to 0.49% of average daily net assets until December 31, 2014. The contractual waiver may be terminated prior to December 31, 2014 only upon written agreement of the Company and BFA.<br/><br/>You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:<b>Principal Investment Strategies</b><b>Annual Fund Operating Expenses</b><br/><b>(ongoing expenses that you pay each year as a</b><br/><b>percentage of the value of your investments)</b>As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments.The Fund&#8217;s total return for the nine months ended<b>Example.</b><b>Non-Diversification Risk.</b> The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund's performance may depend on the performance of a small number of issuers.0.00692012-09-30This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:<b>Portfolio Turnover.</b>The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund.The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. From inception, February 8, 2012, to the most recent fiscal year end, the Fund's portfolio turnover rate was 3% of the average value of its portfolio.0.1128The following table describes the fees and expenses that you will incur if you own shares of the Fund. The investment advisory agreement between iShares, Inc. (the &#8220;Company&#8221;) and BlackRock Fund Advisors (&#8220;BFA&#8221;) (the &#8220; Investment Advisory Agreement&#8221;) provides that BFA will pay all operating expenses of the Fund, except interest expenses, taxes, brokerage expenses, future distribution fees or expenses, and extraordinary expenses.<br/><br/>You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:1-800-iShares (1-800-474-2737) (toll free)<b>Principal Investment Strategies</b>www.iShares.comThe Underlying Index is designed to measure equity market performance in the emerging market countries of Asia. As of June 30, 2012, the Underlying Index consisted of issuers in the following eight emerging market countries or regions: China, India, Indonesia, Malaysia, the Philippines, South Korea, Taiwan and Thailand. Components primarily include consumer discretionary, energy, financial, information technology and materials companies. The components of the Underlying Index, and the degree to which these components represent certain industries, may change over time.<br/><br/>The Fund generally invests at least 80% of its assets in securities of the Underlying Index or in depositary receipts representing securities in the Underlying Index. The Fund may invest the remainder of its assets in securities not included in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index and in other investments, including future contracts, options on futures contracts, options and swaps related to the Underlying Index, cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates.<br/><br/>The Fund invests all of its assets that are invested in India through a wholly owned subsidiary located in the Republic of Mauritius (the &#8220;Subsidiary&#8221;). BFA will serve as investment adviser to both the Fund and the Subsidiary. Unless otherwise indicated, the term Fund, as used in this Prospectus, means the Fund and/or the Subsidiary, as applicable.<br/><br/>BFA uses a &#8220;passive&#8221; or indexing approach to try to achieve the Fund&#8217;s investment objective. Unlike many investment companies, the Fund does not try to &#8220;beat&#8221; the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued.<br/><br/>Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by keeping portfolio turnover low in comparison to actively managed investment companies.<br/><br/>BFA uses a representative sampling indexing strategy to manage the Fund. &#8220;Representative sampling&#8221; is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability and yield) and liquidity measures similar to those of the Underlying Index. The Fund may or may not hold all of the securities in the Underlying Index.<br/><br/>The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of the collateral received).<br/><br/>The Underlying Index is sponsored by an organization (the &#8220;Index Provider&#8221;) that is independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. The Fund&#8217;s Index Provider is MSCI Inc. (&#8220;MSCI&#8221;).<br/><br/><b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries, which may include large-, mid- or small-capitalization companies, to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.<b>Summary of Principal Risks</b>Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.<b>Performance Information</b>bestAs of the date of the Fund's prospectus (the &#8220;Prospectus&#8221;), the Fund has been in operation for less than one full calendar year and therefore does not report its performance information.After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes.2009-06-30As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. The Fund is subject to the principal risks noted below, any of which may adversely affect the Fund's net asset value per share (&#8220;NAV&#8221;), trading price, yield, total return and ability to meet its investment objective. <br /><br /><b> Asset Class Risk. </b>Securities in the Underlying Index or in the Fund's portfolio may underperform in comparison to the general securities markets or other asset classes. <br /><br /><b> Concentration Risk.</b> To the extent that the Fund's investments are concentrated in a particular issuer, region, country, market, industry or asset class, the Fund may be susceptible to loss due to adverse occurrences affecting that issuer, region, country, market, industry or asset class. <br /><br /><b> Consumer Discretionary Sector Risk. </b>The consumer discretionary sector may be affected by changes in domestic and international economies, exchange and interest rates, competition, consumers' disposable income and consumer preferences, social trends and marketing campaigns. <br /><br /><b> Equity Securities Risk.</b> Equity securities are subject to changes in value and their values may be more volatile than other asset classes. <br /><br /><b> Financial Sector Risk. </b>Performance of companies in the financial sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. This sector has experienced significant losses in the recent past, and the impact of more stringent capital requirements and of recent or future regulation on any individual financial company or on the sector as a whole cannot be predicted. <br /><br /><b> Geographic Risk.</b> A natural or other disaster could occur in a geographic region in which the Fund invests, which could affect the economy or particular business operations of companies in the specific geographic region, causing an adverse impact on the Fund's investments in the affected region. <br /><br /><b> Healthcare Sector Risk.</b> The healthcare sector may be affected by government regulations and government healthcare programs, increases or decreases in the cost of medical products and services and product liability claims, among other factors. Many healthcare companies are heavily dependent on patent protection and the expiration of a patent may adversely affect their profitability. Healthcare companies are subject to competitive forces that may result in price discounting, and may be thinly capitalized and susceptible to product obsolescence. <br /><br /><b> Index-Related Risk.</b> There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Index and therefore achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund&#8217;s ability to adjust its exposure to the required levels in order to track the Underlying Index. Errors in index data may occur from time to time and may not be identified and corrected for a period of time, and may have an adverse impact on the Fund and its Shareholders. <br /><br /><b> Information Technology Sector Risk.</b> Information technology companies face intense competition and potentially rapid product obsolescence. They are also heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. <br /><br /><b> Issuer Risk.</b> Fund performance depends on the performance of individual securities to which the Fund has exposure. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline. <br /><br /><b> Management Risk.</b> As the Fund may not fully replicate the Underlying Index, it is subject to the risk that BFA's investment management strategy may not produce the intended results. <br /><br /><b> Market Risk.</b> The Fund could lose money over short periods due to short-term market movements and over longer periods during market downturns. <br /><br /><b> Market Trading Risk.</b> The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND'S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV. <br /><br /><b> Non-Diversification Risk.</b> The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund's performance may depend on the performance of a small number of issuers. <br /><br /><b> Passive Investment Risk. </b>The Fund is not actively managed and BFA does not attempt to take defensive positions under any market conditions, including declining markets. <br /><br /><b> Securities Lending Risk.</b> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may lose money because the borrower of the Fund's loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of the collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund. <br /><br /><b> Tracking Error Risk.</b> Tracking error is the divergence of the Fund&#8217;s performance from that of the Underlying Index. Tracking error may occur because of differences between the securities held in the Fund&#8217;s portfolio and those included in the Underlying Index, pricing differences, transaction costs, the Fund&#8217;s holding of cash, differences in timing of the accrual of dividends, changes to the Underlying Index or the need to meet various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Underlying Index does not.Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (&#8220;IRAs&#8221;).You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:0.3102Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions.worst702008-12-31<div style="display:none">~ http://www.iShares.com/role/ScheduleAnnualFundOperatingExpensesTransposediSharesCoreMSCIEmergingMarketsETF column period compact * ~</div>
-0.1743As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. The Fund is subject to the principal risks noted below, any of which may adversely affect the Fund's net asset value per share (&#8220;NAV&#8221;), trading price, yield, total return and ability to meet its investment objective. <br /><br /><b> Asset Class Risk.</b> Securities in the Underlying Index or in the Fund's portfolio may underperform in comparison to the general securities markets or other asset classes. <br /><br /><b> Commodity Exposure Risk.</b> The Fund invests in Mexico, which is susceptible to fluctuations in certain commodity markets. Any negative changes in commodity markets could have an adverse impact on the Mexican economy. <br /><br /><b> Concentration Risk.</b> To the extent that the Fund's investments are concentrated in a particular issuer, region, country, market, industry or asset class, the Fund may be susceptible to loss due to adverse occurrences affecting that issuer, region, country, market, industry or asset class. <br /><br /><b> Consumer Staples Sector Risk.</b> The consumer staples sector may be affected by marketing campaigns, changes in consumer demands, government regulations and changes in commodity prices. <br /><br /><b> Currency Risk.</b> Because the Fund's NAV is determined in U.S. dollars, the Fund's NAV could decline if the currency of a non-U.S. market in which the Fund invests depreciates against the U.S. dollar. <br /><br /><b> Custody Risk.</b> Less developed markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by local banks, agents and depositories. <br /><br /><b> Equity Securities Risk.</b> Equity securities are subject to changes in value and their values may be more volatile than other asset classes. <br /><br /><b> Geographic Risk.</b> A natural or other disaster could occur in a geographic region in which the Fund invests, which could affect the economy or particular business operations of companies in the specific geographic region, causing an adverse impact on the Fund's investments in the affected region. <br /><br /><b> Index-Related Risk.</b> There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Index and therefore achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund&#8217;s ability to adjust its exposure to the required levels in order to track the Underlying Index. Errors in index data may occur from time to time and may not be identified and corrected for a period of time, and may have an adverse impact on the Fund and its Shareholders. <br /><br /><b> Issuer Risk.</b> Fund performance depends on the performance of individual securities to which the Fund has exposure. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline. <br /><br /><b> Management Risk.</b> As the Fund may not fully replicate the Underlying Index, it is subject to the risk that BFA's investment management strategy may not produce the intended results. <br /><br /><b> Market Risk.</b> The Fund could lose money over short periods due to short-term market movements and over longer periods during market downturns. <br /><br /><b> Market Trading Risk.</b> The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND'S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV. <br /><br /><b> Materials Sector Risk.</b> Companies in the materials sector may be adversely impacted by the volatility of commodity prices, exchange rates, depletion of resources, over-production, litigation and government regulations, among other factors. <br /><br /> <b>Non-Diversification Risk.</b> The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund's performance may depend on the performance of a small number of issuers. <br /><br /><b> Non-U.S. Securities Risk.</b> Investments in the securities of non-U.S. issuers are subject to the risks associated with investing in those non-U.S. markets, such as heightened risks of inflation or nationalization. The Fund may lose money due to political, economic and geographic events affecting a Mexican issuer or market. The Fund is specifically exposed to <b>North American Economic Risk</b>. <br /><br /><b> Passive Investment Risk.</b> The Fund is not actively managed and BFA does not attempt to take defensive positions under any market conditions, including declining markets. <br /><br /> <b>Privatization Risk.</b> The country in which the Fund invests has privatized, or has begun a process of privatizing, certain entities and industries. Privatized entities may lose money or be re-nationalized. <br /><br /><b> Reliance on Trading Partners Risk.</b> The Fund invests in a country whose economy is heavily dependent upon trading with key partners. Any reduction in this trading may have an adverse impact on the Fund's investments. The Fund is specifically exposed to <b>Central and South American Economic Risk</b> and <b>North American Economic Risk</b>. <br /><br /><b> Risk of Investing in Emerging Markets.</b> The Fund's investments in emerging markets may be subject to a greater risk of loss than investments in more developed markets. Emerging markets may be more likely to experience inflation risk, political turmoil and rapid changes in economic conditions than more developed markets. Emerging markets often have less uniformity in accounting and reporting requirements, unreliable securities valuation and greater risk associated with custody of securities. <br /><br /><b> Risk of Investing in Mexico.</b> Investments in Mexican issuers involve risks that are specific to Mexico, including legal, regulatory, political, currency, security and economic risks. In the past, Mexico has experienced high interest rates, economic volatility and high unemployment rates. <br /><br /><b> Securities Lending Risk.</b> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may lose money because the borrower of the Fund's loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of the collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund. <br /><br /><b> Security Risk.</b> The geographic area in which the Fund invests has experienced security concerns. Incidents involving Mexico's security may cause uncertainty in Mexican markets and may adversely affect its economy and the Fund's investments. <br /><br /><b> Telecommunications Sector Risk.</b> Companies in the telecommunications sector may be affected by industry competition, substantial capital requirements, government regulation and obsolescence of telecommunications products and services due to technological advancement. <br /><br /><b> Tracking Error Risk.</b> Tracking error is the divergence of the Fund&#8217;s performance from that of the Underlying Index. Tracking error may occur because of differences between the securities held in the Fund&#8217;s portfolio and those included in the Underlying Index, pricing differences, transaction costs, the Fund&#8217;s holding of cash, differences in timing of the accrual of dividends, changes to the Underlying Index or the need to meet various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Underlying Index does not. BFA EXPECTS THAT THE FUND MAY EXPERIENCE HIGHER TRACKING ERROR THAN IS TYPICAL FOR SIMILAR INDEX EXCHANGE-TRADED FUNDS. <br /><br /><b> Valuation Risk.</b> The sale price the Fund could receive for a security may differ from the Fund's valuation of the security&#8201;and may differ from the value used by the Underlying Index, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. In addition, the value of the securities in the Fund's portfolio may change on days when shareholders will not be able to purchase or sell the Fund's shares.1996-03-12221384859As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments.<b>Non-Diversification Risk.</b> The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund's performance may depend on the performance of a small number of issuers.As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments.As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. The Fund is subject to the principal risks noted below, any of which may adversely affect the Fund's net asset value per share (&#8220;NAV&#8221;), trading price, yield, total return and ability to meet its investment objective.<br/><br/><b>Asset Class Risk.</b> Securities in the Underlying Index or in the Fund's portfolio may underperform in comparison to the general securities markets or other asset classes.<br/><br/><b>Concentration Risk.</b> To the extent that the Fund's investments are concentrated in a particular issuer, region, country, market, industry or asset class, the Fund may be susceptible to loss due to adverse occurrences affecting that issuer, region, country, market, industry or asset class.<br/><br/><b>Consumer Staples Sector Risk.</b> The consumer staples sector may be affected by marketing campaigns, changes in consumer demands, government regulations and changes in commodity prices.<br/><br/><b>Currency Risk.</b> Because the Fund's NAV is determined in U.S. dollars, the Fund's NAV could decline if the currency of a non-U.S. market in which the Fund invests depreciates against the U.S. dollar.<br/><br/><b>Custody Risk.</b> Less developed markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by local banks, agents and depositories.<br/><br/><b>Equity Securities Risk.</b> Equity securities are subject to changes in value and their values may be more volatile than other asset classes.<br/><br/><b>Financial Sector Risk.</b> Performance of companies in the financial sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. This sector has experienced significant losses in the recent past, and the impact of more stringent capital requirements and of recent or future regulation on any individual financial company or on the sector as a whole cannot be predicted.<br/><br/><b>Geographic Risk.</b> A natural or other disaster could occur in a geographic region in which the Fund invests, which could affect the economy or particular business operations of companies in the specific geographic region, causing an adverse impact on the Fund's investments in the affected region.<br/><br/><b>Index-Related Risk.</b> There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Index and therefore achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund&#8217;s ability to adjust its exposure to the required levels in order to track the Underlying Index. Errors in index data may occur from time to time and may not be identified and corrected for a period of time, and may have an adverse impact on the Fund and its Shareholders.<br/><br/><b>Industrials Sector Risk.</b> The industrials sector may be affected by changes in the supply and demand for products and services, product obsolescence, claims for environmental damage or product liability and general economic conditions, among other factors.<br/><br/><b>Issuer Risk.</b> Fund performance depends on the performance of individual securities to which the Fund has exposure. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline.<br/><br/><b>Management Risk.</b> As the Fund may not fully replicate the Underlying Index, it is subject to the risk that BFA's investment management strategy may not produce the intended results.<br/><br/><b>Market Risk.</b> The Fund could lose money over short periods due to short-term market movements and over longer periods during market downturns.<br/><br/><b>Market Trading Risk.</b> The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND'S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV.<br/><br/><b>Mid-Capitalization Companies Risk.</b> Compared to large-capitalization companies, mid-capitalization companies may be less stable and more susceptible to adverse developments, and their securities may be more volatile and less liquid.<br/><br/><b>Non-Diversification Risk.</b> The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund's performance may depend on the performance of a small number of issuers.<br/><br/><b>Non-U.S. Securities Risk.</b> Investments in the securities of non-U.S. issuers are subject to the risks associated with investing in those non-U.S. markets, such as heightened risks of inflation or nationalization. The Fund may lose money due to political, economic and geographic events affecting a Turkish issuer or market. The Fund is specifically exposed to <b>Middle Eastern Economic Risk</b>.<br/><br/><b>Passive Investment Risk.</b> The Fund is not actively managed and BFA does not attempt to take defensive positions under any market conditions, including declining markets.<br/><br/><b>Privatization Risk.</b> The country in which the Fund invests has privatized, or has begun a process of privatizing, certain entities and industries. Privatized entities may lose money or be re-nationalized.<br/><br/><b>Reliance on Trading Partners Risk.</b> The Fund invests in a country whose economy is heavily dependent upon trading with key partners. Any reduction in this trading may have an adverse impact on the Fund's investments. The Fund is specifically exposed to <b>European Economic Risk</b> and <b>U.S. Economic Risk</b>.<br/><br/><b>Risk of Investing in Emerging Markets.</b> The Fund's investments in emerging markets may be subject to a greater risk of loss than investments in more developed markets. Emerging markets may be more likely to experience inflation risk, political turmoil and rapid changes in economic conditions than more developed markets. Emerging markets often have less uniformity in accounting and reporting requirements, unreliable securities valuation and greater risk associated with custody of securities.<br/><br/><b>Risk of Investing in Turkey.</b> Investments in Turkish issuers may subject the Fund to legal, regulatory, political, currency, security and economic risk specific to Turkey. Turkey has historically experienced acts of terrorism and strained relations related to border disputes with certain neighboring countries.<br/><br/><b>Securities Lending Risk.</b> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may lose money because the borrower of the Fund's loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of the collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.<br/><br/><b>Security Risk.</b> The geographic area in which the Fund invests has experienced security concerns. Incidents involving a country's or region's security may cause uncertainty in Turkish markets and may adversely affect its economy and the Fund's investments.<br/><br/><b>Small-Capitalization Companies Risk.</b> Compared to mid- and large-capitalization companies, small-capitalization companies may be less stable and more susceptible to adverse developments, and their securities may be more volatile and less liquid.<br/><br/><b>Structural Risk.</b> The country in which the Fund invests may be subject to considerable degrees of economic, political and social instability. <br/><br/><b>Tracking Error Risk.</b> Tracking error is the divergence of the Fund&#8217;s performance from that of the Underlying Index. Tracking error may occur because of differences between the securities held in the Fund&#8217;s portfolio and those included in the Underlying Index, pricing differences, transaction costs, the Fund&#8217;s holding of cash, differences in timing of the accrual of dividends, changes to the Underlying Index or the need to meet various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Underlying Index does not. BFA EXPECTS THAT THE FUND MAY EXPERIENCE HIGHER TRACKING ERROR THAN IS TYPICAL FOR SIMILAR INDEX EXCHANGE-TRADED FUNDS.<br/><br/><b>Valuation Risk.</b> The sale price the Fund could receive for a security may differ from the Fund's valuation of the security&#8201;and may differ from the value used by the Underlying Index, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. In addition, the value of the securities in the Fund's portfolio may change on days when shareholders will not be able to purchase or sell the Fund's shares.<b>Performance Information </b>The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund. Both assume that all dividends and distributions have been reinvested in the Fund. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Supplemental information about the Fund&#8217;s performance is shown under the heading Total Return Information in the Supplemental Information section of the Fund's prospectus (the &#8220;Prospectus&#8221;).The Underlying Index consists of stocks traded primarily on the London Stock Exchange. Components primarily include consumer staples, energy and financial companies. The components of the Underlying Index, and the degree to which these components represent certain industries, may change over time.<br/><br/>BFA uses a &#8220;passive&#8221; or indexing approach to try to achieve the Fund&#8217;s investment objective. Unlike many investment companies, the Fund does not try to &#8220;beat&#8221; the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued.<br/><br/>Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by keeping portfolio turnover low in comparison to actively managed investment companies.<br/><br/>BFA uses a representative sampling indexing strategy to manage the Fund. &#8220;Representative sampling&#8221; is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability and yield) and liquidity measures similar to those of the Underlying Index. The Fund may or may not hold all of the securities in the Underlying Index.<br/><br/>The Fund will at all times invest at least 90% of its assets in the securities of its Underlying Index and in depositary receipts (&#8220;DRs&#8221;) representing securities in its Underlying Index. The Fund may invest the remainder of its assets in other securities, including securities not in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index, and in other investments, including futures contracts, options on futures contracts, other types of options and swaps related to its Underlying Index, as well as cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates.<br/><br/>The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of the collateral received).<br/><br/>The Underlying Index is sponsored by an organization (the &#8220;Index Provider&#8221;) that is independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. The Fund&#8217;s Index Provider is MSCI Inc. (&#8220;MSCI&#8221;).<br/><br/><b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries, which may include large-, mid- or small-capitalization companies, to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.<b>Non-Diversification Risk.</b> The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund's performance may depend on the performance of a small number of issuers.0.08The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund.<b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries, which may include large-, mid- or small-capitalization companies, to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.<b>Performance Information</b>As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments.<b>Annual Fund Operating Expenses<br/> (ongoing expenses that you pay each year as a<br/> percentage of the value of your investments)</b><b>Average Annual Total Returns</b><br/><b>(for the periods ended December 31, 2011)</b><b>Non-Diversification Risk.</b> The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund's performance may depend on the performance of a small number of issuers.0.00531-800-iShares (1-800-474-2737) (toll free)The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund.www.iShares.com01-800-iShares (1-800-474-2737) (toll free)www.iShares.comPast performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.<b>Year by Year Returns (Year Ended December 31)</b>After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes.Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (&#8220;IRAs&#8221;).Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions.0.0184The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund. Both assume that all dividends and distributions have been reinvested in the Fund. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Supplemental information about the Fund&#8217;s performance is shown under the heading Total Return Information in the Supplemental Information section of the Fund's prospectus (the &#8220;Prospectus&#8221;).<b>Summary of Principal Risks</b>00.0053<b>Year by Year Returns (Years Ended December 31)</b>The best calendar quarter return during the period shown above was 11.61% in the 4th quarter of 2011; the worst was -14.03% in the 3rd quarter of 2011. <br/><br/>Updated performance information is available at www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).<b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries, which may include large-, mid- or small-capitalization companies, to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.<b>Performance Information</b>-0.1483-0.1527-0.0917-0.1436The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund. Both assume that all dividends and distributions have been reinvested in the Fund. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Supplemental information about the Fund&#8217;s performance is shown under the heading Total Return Information in the Supplemental Information section of the Fund's prospectus (the &#8220;Prospectus&#8221;).0.04940.04140.04370.0588The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund.0.17120.1660.15410.18342003-02-03Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.<b>Year by Year Returns (Years Ended December 31)</b>The best calendar quarter return during the periods shown above was 60.55% in the 2nd quarter of 2009; the worst was -17.84% in the 3rd quarter of 2011.<br/><br/>Updated performance information is available at www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).best2011-12-310.1161The best calendar quarter return during the periods shown above was 35.52% in the 2nd quarter of 2009; the worst was -29.54% in the 4th quarter of 2008.<br/><br/>Updated performance information is available at www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).worst2011-09-30-0.1403The Fund&#8217;s total return for the nine months ended2012-09-301996-03-120.1625<b>Average Annual Total Returns<br/> (for the periods ended December 31, 2011)</b>www.iShares.com1-800-iShares (1-800-474-2737) (toll free)<b>Average Annual Total Returns <br/>(for the periods ended December 31, 2011) </b>iSHARES<sup>&#174</sup> MSCI EMU ETF<br/>Ticker: EZU&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock Exchange: NYSE Arca<b>Average Annual Total Returns</b><br/><b>(for the periods ended December 31, 2011)</b>0.01840.01660.01410.0199<b>Investment Objective</b>The Fund&#8217;s total return for the nine months ended0.06840.06580.05820.07072012-09-300.2314The iShares MSCI EMU ETF (the &#8220; Fund&#8221;) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI EMU Index (the &#8220;Underlying Index&#8221;).best2010-05-052009-06-300.3552worst<b>Fees and Expenses</b>2008-12-31-0.2954After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes.The following table describes the fees and expenses that you will incur if you own shares of the Fund. The investment advisory agreement between iShares, Inc. (the &#8220;Company&#8221;) and BlackRock Fund Advisors (&#8220;BFA&#8221;) (the &#8220; Investment Advisory Agreement&#8221;) provides that BFA will pay all operating expenses of the Fund, except interest expenses, taxes, brokerage expenses, future distribution fees or expenses, and extraordinary expenses. <br/><br/>You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:<b>Average Annual Total Returns<br/>(for the periods ended December 31, 2011)</b>1702966650.02640.0240.02240.0205<b>Annual Fund Operating Expenses<br/>(ongoing expenses that you pay each year as a<br/>percentage of the value of your investments)</b><div style="display:none">~ http://www.iShares.com/role/ScheduleExpenseExampleTransposediSharesMSCIItalyCappedETF column period compact * ~</div><div style="display:none">~ http://www.iShares.com/role/ScheduleAverageAnnualTotalReturnsTransposediSharesMSCIItalyCappedETF column period compact * ~</div>Acquired Fund Fees and Expenses are not used to calculate the Fund&#8217;s net asset value per share (&#8220;NAV&#8221;) and are not included in the calculation of the ratio of expenses to average net assets shown in the Financial Highlights section of the Fund&#8217;s prospectus (the &#8220;Prospectus&#8221;).0.15410.15020.13820.1483Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (&#8220;IRAs&#8221;).<div style="display:none">~ http://www.iShares.com/role/ScheduleAnnualTotalReturnsiSharesMSCISwitzerlandCappedETFBarChart column period compact * ~</div>
0.0053-0.1232-0.125-0.0775-0.132500After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes.0.0053After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes.Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (&#8220;IRAs&#8221;).Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions.As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. The Fund is subject to the principal risks noted below, any of which may adversely affect the Fund's net asset value per share (&#8220;NAV&#8221;), trading price, yield, total return and ability to meet its investment objective.<br/><br/><b>Asian Security Risk.</b> Some countries and regions in which the Fund invests have experienced acts of terrorism or strained international relations due to territorial disputes, historical animosities or other defense concerns.<br/><br/><b>Asset Class Risk.</b> Securities in the Underlying Index or in the Fund's portfolio may underperform in comparison to the general securities markets or other asset classes.<br/><br/><b>Commodity Exposure Risk.</b> The Fund invests in economies that are susceptible to fluctuations in certain commodity markets. Any negative changes in commodity markets could have an adverse impact on those economies.<br/><br/><b>Concentration Risk.</b> To the extent that the Fund's investments are concentrated in a particular issuer, country, region, market, industry or asset class, the Fund may be susceptible to loss due to adverse occurrences affecting that issuer, country, region, market, industry or asset class.<br/><br/><b>Consumer Discretionary Sector Risk.</b> The consumer discretionary sector may be affected by changes in domestic and international economies, exchange and interest rates, competition, consumers' disposable income and consumer preferences, social trends and marketing campaigns.<br/><br/><b>Currency Risk.</b> Because the Fund's NAV is determined in U.S. dollars, the Fund's NAV could decline if the currency of a non-U.S. market in which the Fund invests depreciates against the U.S. dollar.<br/><br/><b>Custody Risk.</b> Less developed markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by local banks, agents and depositories.<br/><br/><b>Energy Sector Risk.</b> The value of securities issued by companies in the energy sector may decline for many reasons, including, without limitation, changes in energy prices, government regulations, energy conservation efforts and potential civil liabilities.<br/><br/><b>Equity Securities Risk.</b> Equity securities are subject to changes in value and their values may be more volatile than other asset classes.<br/><br/><b>Financial Sector Risk.</b> Performance of companies in the financial sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. This sector has experienced significant losses in the recent past, and the impact of more stringent capital requirements and of recent or future regulation on any individual financial company or on the sector as a whole cannot be predicted.<br/><br/><b>Geographic Risk.</b> A natural or other disaster could occur in a geographic region in which the Fund invests.<br/><br/><b>Index-Related Risk.</b> There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Index and therefore achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund&#8217;s ability to adjust its exposure to the required levels in order to track the Underlying Index. Errors in index data may occur from time to time and may not be identified and corrected for a period of time, and may have an adverse impact on the Fund and its Shareholders.<br/><br/><b>Information Technology Sector Risk.</b> Information technology companies face intense competition and potentially rapid product obsolescence. They are also heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights.<br/><br/><b>Issuer Risk.</b> Fund performance depends on the performance of individual securities to which the Fund has exposure. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline.<br/><br/><b>Lack of Natural Resources Risk.</b> Certain economies to which the Fund may be exposed have few natural resources. Any fluctuation or shortage in the commodity markets could have a negative impact on those economies.<br/><br/><b>Management Risk.</b> As the Fund may not fully replicate the Underlying Index, it is subject to the risk that BFA's investment management strategy may not produce the intended results.<br/><br/><b>Market Risk.</b> The Fund could lose money over short periods due to short-term market movements and over longer periods during market downturns.<br/><br/><b>Market Trading Risk.</b> The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND'S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV.<br/><br/><b>Materials Sector Risk.</b> Companies in the materials sector may be adversely impacted by the volatility of commodity prices, exchange rates, depletion of resources, over-production, litigation and government regulations, among other factors.<br/><br/><b>Non-U.S. Securities Risk.</b> Investments in the securities of non-U.S. issuers are subject to the risks associated with investing in those non-U.S. markets, such as heightened risks of inflation or nationalization. The Fund may lose money due to political, economic and geographic events affecting a non-U.S. issuer or market. The Fund is specifically exposed to <b>Asian Economic Risk</b> and <b>Asian Structural Risk</b>.<br/><br/><b>Passive Investment Risk.</b> The Fund is not actively managed and BFA does not attempt to take defensive positions under any market conditions, including declining markets.<br/><br/><b>Privatization Risk.</b> Some countries in which the Fund invests have privatized, or have begun the process of privatizing, certain entities and industries. Privatized entities may lose money or be re-nationalized.<br/><br/><b>Reliance on Trading Partners Risk.</b> The Fund invests in countries whose economies are heavily dependent upon trading with key partners. Any reduction in this trading may have an adverse impact on the Fund's investments.<br/><br/><b>Risk of Investing in China.</b> The Fund's investment exposure to China subjects the Fund to risks specific to China. China may be subject to considerable degrees of economic, political and social instability. China is a developing market and demonstrates significantly higher volatility from time to time in comparison to developed markets. Over the past 25 years, the Chinese government has undertaken reform of economic and market practices and expansion of the sphere for private ownership of property in China. However, Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability. Internal social unrest or confrontations with other neighboring countries, including military conflicts in response to such events, may also disrupt economic development in China and result in a greater risk of currency fluctuations, currency convertibility, interest rate fluctuations and higher rates of inflation. Export growth continues to be a major driver of China's rapid economic growth. Reduction in spending on Chinese products and services, institution of tariffs or other trade barriers, or a downturn in any of the economies of China's key trading partners may have an adverse impact on the Chinese economy.<br/><br/><b>Risk of Investing in Emerging Markets.</b> The Fund's investments in emerging markets may be subject to a greater risk of loss than investments in more developed markets. Emerging markets may be more likely to experience inflation risk, political turmoil and rapid changes in economic conditions than more developed markets. Emerging markets often have less uniformity in accounting and reporting requirements, unreliable securities valuation and greater risk associated with custody of securities.<br/><br/><b>Risk of Investing in India.</b> Investments in Indian issuers involves risks that are specific to India, including legal, regulatory, political and economic risks. The securities markets in India are relatively underdeveloped and may subject the Fund to higher transaction costs or greater uncertainty than investments in more developed securities markets.<br/><br/><b>Risk of Investing in South Korea.</b> Investments in South Korean issuers may subject the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to South Korea. In addition, economic and political developments of South Korean neighbors may have an adverse effect on the South Korean economy.<br/><br/><b>Securities Lending Risk.</b> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may lose money because the borrower of the Fund's loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of the collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.<br/><br/><b>Security Risk.</b> Some countries and regions in which the Fund invests have experienced security concerns. Incidents involving a country's or region's security may cause uncertainty in these markets and may adversely affect their economies and the Fund's investments.<br/><br/><b>Tracking Error Risk.</b> Tracking error is the divergence of the Fund&#8217;s performance from that of the Underlying Index. Tracking error may occur because of differences between the securities held in the Fund&#8217;s portfolio and those included in the Underlying Index, pricing differences, transaction costs, the Fund&#8217;s holding of cash, differences in timing of the accrual of dividends, changes to the Underlying Index or the need to meet various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Underlying Index does not. BFA EXPECTS THAT THE FUND MAY EXPERIENCE HIGHER TRACKING ERROR THAN IS TYPICAL FOR SIMILAR INDEX EXCHANGE-TRADED FUNDS.<br/><br/><b>Treaty/Tax Risk.</b> The Fund and the Subsidiary rely on the Double Tax Avoidance Agreement between India and Mauritius (&#8220;DTAA&#8221;) for relief from certain Indian taxes. Treaty renegotiation (particularly to introduce a limitation of benefit clause) or recent legislative changes may result in the Fund withdrawing from the Subsidiary, which may result in higher taxes and/or lower returns for the Fund.<br/><br/><b>Valuation Risk.</b> The sale price the Fund could receive for a security may differ from the Fund's valuation of the security&#8201;and may differ from the value used by the Underlying Index, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. In addition, the value of the securities in the Fund's portfolio may change on days when shareholders will not be able to purchase or sell the Fund's shares.<div style="display:none">~ http://www.iShares.com/role/ScheduleAnnualTotalReturnsiSharesMSCIUSAETFBarChart column period compact * ~</div>
Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (&#8220;IRAs&#8221;).1.0794Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions.0.2343<b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries, which may include large-, mid- or small-capitalization companies, to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.October 31, 2013-0.3623<b>Example.</b>This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:Acquired Fund Fees and Expenses are based on estimated amounts for the current fiscal year.Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions.541996-03-121700.83952960.5619665-0.0423iSHARES<sup>&#174;</sup> MSCI EMERGING MARKETS SMALL-CAP ETF<br/>Ticker: EEMS&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock Exchange: NYSE Arca<b>Average Annual Total Returns<br/>(for the periods ended December 31, 2011)</b><div style="display:none">~ http://www.iShares.com/role/ScheduleAnnualFundOperatingExpensesTransposediSharesMSCIEmergingMarketsGrowthETF column period compact * ~</div>
<b>Portfolio Turnover. </b>-0.1313<div style="display:none">~ http://www.iShares.com/role/ScheduleAnnualFundOperatingExpensesTransposediSharesMSCIEmergingMarketsAsiaETF column period compact * ~</div>
0.3624The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 7% of the average value of its portfolio.0.48290.45610.44020.1225<b>Principal Investment Strategies</b>-0.41670.55720.2745-0.1232As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. The Fund is subject to the principal risks noted below, any of which may adversely affect the Fund's net asset value per share (&#8220;NAV&#8221;), trading price, yield, total return and ability to meet its investment objective.<br/><br/><b>Asset Class Risk.</b> Securities in the Underlying Index or in the Fund's portfolio may underperform in comparison to the general securities markets or other asset classes.<br/><br/><b>Concentration Risk.</b> To the extent that the Fund's investments are concentrated in a particular issuer, region, country, market, industry or asset class, the Fund may be susceptible to loss due to adverse occurrences affecting that issuer, region, country, market, industry or asset class.<br/><br/><b>Consumer Staples Sector Risk.</b> The consumer staples sector may be affected by marketing campaigns, changes in consumer demands, government regulations and changes in commodity prices.<br/><br/><b>Currency Risk.</b> Because the Fund's NAV is determined in U.S. dollars, the Fund's NAV could decline if the currency of a non-U.S. market in which the Fund invests depreciates against the U.S. dollar.<br/><br/><b>Energy Sector Risk.</b> The value of securities issued by companies in the energy sector may decline for many reasons, including, without limitation, changes in energy prices, government regulations, energy conservation efforts and potential civil liabilities.<br/><br/><b>Equity Securities Risk.</b> Equity securities are subject to changes in value and their values may be more volatile than other asset classes.<br/><br/><b>Financial Sector Risk.</b> Performance of companies in the financial sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. This sector has experienced significant losses in the recent past, and the impact of more stringent capital requirements and of recent or future regulation on any individual financial company or on the sector as a whole cannot be predicted.<br/><br/><b>Index-Related Risk.</b> There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Index and therefore achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund&#8217;s ability to adjust its exposure to the required levels in order to track the Underlying Index. Errors in index data may occur from time to time and may not be identified and corrected for a period of time, and may have an adverse impact on the Fund and its Shareholders.<br/><br/><b>Issuer Risk.</b> Fund performance depends on the performance of individual securities to which the Fund has exposure. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline.<br/><br/><b>Management Risk.</b> As the Fund may not fully replicate the Underlying Index, it is subject to the risk that BFA's investment management strategy may not produce the intended results.<br/><br/><b>Market Risk.</b> The Fund could lose money over short periods due to short-term market movements and over longer periods during market downturns.<br/><br/><b>Market Trading Risk.</b> The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND'S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV.<br/><br/><b>Non-Diversification Risk.</b> The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund's performance may depend on the performance of a small number of issuers.<br/><br/><b>Non-U.S. Securities Risk.</b> Investments in the securities of non-U.S. issuers are subject to the risks associated with investing in those non-U.S. markets, such as heightened risks of inflation or nationalization. The Fund may lose money due to political, economic and geographic events affecting a British issuer or market. The Fund is specifically exposed to <b>European Economic Risk</b>.<br/><br/><b>Passive Investment Risk.</b> The Fund is not actively managed and BFA does not attempt to take defensive positions under any market conditions, including declining markets.<br/><br/><b>Reliance on Trading Partners Risk.</b> The Fund invests in a country whose economy is heavily dependent upon trading with key partners. Any reduction in this trading may have an adverse impact on the Fund's investments. The Fund is specifically exposed to <b>European Economic Risk</b> and <b>U.S. Economic Risk</b>.<br/><br/><b>Risk of Investing in the United Kingdom.</b> Investments in British issuers may subject the Fund to regulatory, political, currency, security, and economic risk specific to the United Kingdom. The United Kingdom has one of the largest economies in Europe, and the United States and other European countries are substantial trading partners of the United Kingdom. As a result, the British economy may be impacted by changes to the economic health of the United States and other European countries. The British economy, along with certain other European Union (&#8220;EU&#8221;) economies, experienced a significant economic slowdown during the recent financial crisis; certain British financial institutions were severely under-capitalized and required government intervention to survive.<br/><br/><b>Securities Lending Risk.</b> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may lose money because the borrower of the Fund's loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of the collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.<br/><br/><b>Security Risk.</b> Some geographic areas in which the Fund invests have experienced security concerns. Incidents involving a country's or region's security may cause uncertainty in these markets and may adversely affect its economy and the Fund's investments.<br/><br/><b>Structural Risk.</b> Continued governmental involvement in certain sectors may stifle competition in certain sectors or cause adverse effects on economic growth. Northern Ireland's economy may be subject to considerable degrees of economic, political and social instability.<br/><br/><b>Tracking Error Risk.</b> Tracking error is the divergence of the Fund&#8217;s performance from that of the Underlying Index. Tracking error may occur because of differences between the securities held in the Fund&#8217;s portfolio and those included in the Underlying Index, pricing differences, transaction costs, the Fund&#8217;s holding of cash, differences in timing of the accrual of dividends, changes to the Underlying Index or the need to meet various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Underlying Index does not.<br/><br/><b>Valuation Risk.</b> The sale price the Fund could receive for a security may differ from the Fund's valuation of the security&#8201;and may differ from the value used by the Underlying Index, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. In addition, the value of the securities in the Fund's portfolio may change on days when shareholders will not be able to purchase or sell the Fund's shares.-0.3623-0.3629-0.2299-0.3591The Underlying Index is designed to measure the performance of equity securities of small-capitalization companies, whose market capitalization represents the bottom 14% of companies in emerging market countries, as measured by market capitalization. As of June 30, 2012, the Underlying Index consisted of issuers in the following 21 emerging market countries: Brazil, Chile, China, Colombia, the Czech Republic, Egypt, Hungary, India, Indonesia, Malaysia, Mexico, Morocco, Peru, the Philippines, Poland, Russia, South Africa, South Korea, Taiwan, Thailand and Turkey. Components primarily include consumer discretionary, industrials, materials and technology companies. The components of the Underlying Index, and the degree to which these components represent certain industries, may change over time.<br/><br/>BFA uses a &#8220;passive&#8221; or indexing approach to try to achieve the Fund&#8217;s investment objective. Unlike many investment companies, the Fund does not try to &#8220;beat&#8221; the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued.<br/><br/>Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by keeping portfolio turnover low in comparison to actively managed investment companies.<br/><br/>BFA uses a representative sampling indexing strategy to manage the Fund. &#8220;Representative sampling&#8221; is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability and yield) and liquidity measures similar to those of the Underlying Index. The Fund may or may not hold all of the securities in the Underlying Index.<br/><br/>The Fund generally invests at least 90% of its assets in the securities of the Underlying Index and in depositary receipts (&#8220;DRs&#8221;) representing securities in the Underlying Index. The Fund may invest the remainder of its assets in other securities, including securities not in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index, as well as cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates.<br/><br/>The Fund invests all of its assets that are invested in Indian securities in a wholly owned subsidiary located in the Republic of Mauritius (the &#8220;Subsidiary&#8221;). BFA serves as investment adviser to both the Fund and the Subsidiary. Unless otherwise indicated, the term &#8220;Fund,&#8221; as used in this Prospectus, means the Fund and/or the Subsidiary, as applicable.<br/><br/>The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of the collateral received).<br/><br/>The Underlying Index is sponsored by an organization (the &#8220;Index Provider&#8221;) that is independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. The Fund&#8217;s Index Provider is MSCI Inc. (&#8220;MSCI&#8221;).<br/><br/><b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries, which may include large-, mid- or small-capitalization companies, to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.The Underlying Index consists of stocks from the following 11 countries: Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, the Netherlands, Portugal and Spain. Components primarily include consumer discretionary, consumer staples, financial and industrials companies. The components of the Underlying Index, and the degree to which these components represent certain industries, may change over time.<br/><br/>BFA uses a &#8220;passive&#8221; or indexing approach to try to achieve the Fund&#8217;s investment objective. Unlike many investment companies, the Fund does not try to &#8220;beat&#8221; the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued.<br/><br/>Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by keeping portfolio turnover low in comparison to actively managed investment companies.<br/><br/>BFA uses a representative sampling indexing strategy to manage the Fund. &#8220;Representative sampling&#8221; is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability and yield) and liquidity measures similar to those of the Underlying Index. The Fund may or may not hold all of the securities in the Underlying Index.<br/><br/>The Fund generally invests at least 95% of its assets in the securities of its Underlying Index and in depositary receipts (&#8220;DRs&#8221;) representing securities in its Underlying Index. The Fund will at all times invest at least 80% of its assets in the securities of the Underlying Index or in DRs representing securities in its Underlying Index. The Fund may invest the remainder of its assets in other securities, including securities not in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index, and in other investments, including futures contracts, options on futures contracts, other types of options and swaps related to its Underlying Index, as well as cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates.<br/><br/>The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of the collateral received).<br/><br/>The Underlying Index is sponsored by an organization (the &#8220;Index Provider&#8221;) that is independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. The Fund&#8217;s Index Provider is MSCI Inc. (&#8220;MSCI&#8221;).<br/><br/><b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries, which may include large-, mid- or small-capitalization companies, to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes.As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments.Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (&#8220;IRAs&#8221;).<b>Summary of Principal Risks</b><b>Example.</b>Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions.This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:54<b>Non-Diversification Risk.</b> The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund's performance may depend on the performance of a small number of issuers.170296<div style="display:none">~ http://www.iShares.com/role/ScheduleAnnualFundOperatingExpensesTransposediSharesMSCISouthAfricaETF column period compact * ~</div>
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665<div style="display:none">~ http://www.iShares.com/role/ScheduleAnnualFundOperatingExpensesTransposediSharesMSCISwitzerlandCappedETF column period compact * ~</div>
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<b>Portfolio Turnover.</b>The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund.<div style="display:none">~ http://www.iShares.com/role/ScheduleAnnualFundOperatingExpensesTransposediSharesMSCIEmergingMarketsSmallCapETF column period compact * ~</div>
1-800-iShares (1-800-474-2737) (toll free)The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 7% of the average value of its portfolio.<div style="display:none">~ http://www.iShares.com/role/ScheduleAnnualFundOperatingExpensesTransposediSharesMSCISpainCappedETF column period compact * ~</div>
0.07www.iShares.com0.09Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.<b>Principal Investment Strategies</b>You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:<b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries, which may include large-, mid- or small-capitalization companies, to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.0.005300<div style="display:none">~ http://www.iShares.com/role/ScheduleExpenseExampleTransposediSharesMSCIMexicoCappedETF column period compact * ~</div>
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As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments.<div style="display:none">~ http://www.iShares.com/role/ScheduleAverageAnnualTotalReturnsTransposediSharesMSCIMexicoCappedETF column period compact * ~</div>
The best calendar quarter return during the periods shown above was 35.67% in the 2nd quarter of 2009; the worst was -21.90% in the 3rd quarter of 2011.<br/><br/>Updated performance information is available at www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).54-0.1525<div style="display:none">~ http://www.iShares.com/role/ScheduleAnnualFundOperatingExpensesTransposediSharesMSCIMexicoCappedETF column period compact * ~</div>
The Underlying Index targets 40% of the eligible small-cap universe within each industry group in the MSCI Japan Index, which consists of stocks traded primarily on the Tokyo Stock Exchange. Components primarily include consumer discretionary, financial and industrials companies. The components of the Underlying Index, and the degree to which these components represent certain industries, may change over time.<br/><br/>BFA uses a &#8220;passive&#8221; or indexing approach to try to achieve the Fund&#8217;s investment objective. Unlike many investment companies, the Fund does not try to &#8220;beat&#8221; the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. <br/><br/>Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by keeping portfolio turnover low in comparison to actively managed investment companies. <br/><br/>BFA uses a representative sampling indexing strategy to manage the Fund. &#8220;Representative sampling&#8221; is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability and yield) and liquidity measures similar to those of the Underlying Index. The Fund may or may not hold all of the securities in the Underlying Index. <br/><br/>The Fund generally invests at least 90% of its assets in the securities of the Underlying Index or in depositary receipts representing securities in its Underlying Index. The Fund may invest the remainder of its assets in certain futures, options and swap contracts, cash and cash equivalents, including money market funds advised by BFA or its affiliates, as well as in securities not included in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index. <br/><br/>The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of the collateral received). <br/><br/>The Underlying Index is sponsored by an organization (the &#8220;Index Provider&#8221;) that is independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. The Fund&#8217; s Index Provider is MSCI Inc. (&#8220;MSCI&#8221;). <br/><br/><b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries, which may include large-, mid- or small-capitalization companies, to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.0.30740.18590.06630.2982iSHARES<sup>&#174</sup> MSCI SPAIN CAPPED ETF<br/>Ticker: EWP&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock Exchange: NYSE Arca0.0758<b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries, which may include large-, mid- or small-capitalization companies, to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.-0.48470.42120.0807-0.0297<b>Summary of Principal Risks</b><b>Non-Diversification Risk.</b> The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund's performance may depend on the performance of a small number of issuers.The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund.As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. The Fund is subject to the principal risks noted below, any of which may adversely affect the Fund's net asset value per share (&#8220;NAV&#8221;), trading price, yield, total return and ability to meet its investment objective.<br/><br/><b>Asset Class Risk.</b> Securities in the Underlying Index or in the Fund's portfolio may underperform in comparison to the general securities markets or other asset classes.<br/><br/><b>Concentration Risk. </b>To the extent that the Fund's investments are concentrated in a particular issuer, region, country, market, industry or asset class, the Fund may be susceptible to loss due to adverse occurrences affecting that issuer, region, country, market, industry or asset class.<br/><br/><b>Consumer Discretionary Sector Risk. </b>The consumer discretionary sector may be affected by changes in domestic and international economies, exchange and interest rates, competition, consumers' disposable income and consumer preferences, social trends and marketing campaigns.<br/><br/><b>Consumer Staples Sector Risk.</b> The consumer staples sector may be affected by marketing campaigns, changes in consumer demands, government regulations and changes in commodity prices.<br/><br/><b>Currency Risk.</b> Because the Fund's NAV is determined in U.S. dollars, the Fund's NAV could decline if the currency of a non-U.S. market in which the Fund invests depreciates against the U.S. dollar.<br/><br/><b>Custody Risk.</b> Less developed markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by local banks, agents and depositories.<br/><br/><b>Equity Securities Risk.</b> Equity securities are subject to changes in value and their values may be more volatile than other asset classes.<br/><br/><b>Financial Sector Risk.</b> Performance of companies in the financial sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. This sector has experienced significant losses in the recent past, and the impact of more stringent capital requirements and of recent or future regulation on any individual financial company or on the sector as a whole cannot be predicted.<br/><br/><b>Geographic Risk. </b>A natural or other disaster could occur in a geographic region in which the Fund invests, which could affect the economy or particular business operations of companies in the specific geographic region, causing an adverse impact on the Fund's investments in the affected region.<br/><br/><b>Index-Related Risk.</b> There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Index and therefore achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund&#8217;s ability to adjust its exposure to the required levels in order to track the Underlying Index. Errors in index data may occur from time to time and may not be identified and corrected for a period of time, and may have an adverse impact on the Fund and its Shareholders.<br/><br/><b>Industrials Sector Risk.</b> The industrials sector may be affected by changes in the supply and demand for products and services, product obsolescence, claims for environmental damage or product liability and general economic conditions, among other factors.<br/><br/><b>Issuer Risk. </b>Fund performance depends on the performance of individual securities to which the Fund has exposure. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline.<br/><br/><b>Management Risk. </b>As the Fund may not fully replicate the Underlying Index, it is subject to the risk that BFA's investment management strategy may not produce the intended results.<br/><br/><b>Market Risk. </b>The Fund could lose money over short periods due to short-term market movements and over longer periods during market downturns.<br/><br/><b>Market Trading Risk. </b>The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND'S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV.<br/><br/><b>Non-U.S. Securities Risk. </b>Investments in the securities of non-U.S. issuers are subject to the risks associated with investing in those non-U.S. markets, such as heightened risks of inflation or nationalization. The Fund may lose money due to political, economic and geographic events affecting a non-U.S. issuer or market. The Fund is specifically exposed to <b>European Economic Risk</b>.<br/><br/><b>Passive Investment Risk.</b> The Fund is not actively managed and BFA does not attempt to take defensive positions under any market conditions, including declining markets.<br/><br/><b>Reliance on Trading Partners Risk.</b> The Fund invests in countries whose economies are heavily dependent upon trading with key partners. Any reduction in this trading may have an adverse impact on the Fund's investments. The Fund is specifically exposed to <b>European Economic Risk</b> and <b>U.S. Economic Risk</b>.<br/><br/><b>Risk of Investing in France.</b> The Fund&#8217;s investment in French issuers may subject the Fund to legal, regulatory, political, currency, security, and economic risk specific to France. The French economy, along with certain other European Union (&#8220;EU&#8221;) economies, experienced a significant economic slowdown during the recent financial crisis. Recently, new concerns emerged with respect to the economic outlook for certain EU countries, including France. As a result, the French economy has experienced significant volatility and adverse trends due to concerns about prolonged economic downturn and rising government debt levels. The French economy is dependent on agricultural exports, and as a result, is susceptible to fluctuations in demand for agricultural products.<br/><br/><b>Risk of Investing in Germany. </b>The Fund&#8217;s investment in German issuers may subject the Fund to legal, regulatory, political, currency, security, and economic risk specific to Germany. The German economy, along with certain other European Union (the &#8220;EU&#8221;) economies, experienced a significant slowdown during the recent financial crisis. Germany has an export dependent economy and therefore relies heavily on trade with key trading partners, including the United States, France, Italy and other European countries. Germany is dependent on the economies of these other countries and any change in the price or demand for German exports may have an adverse impact on its economy.<br/><br/><b>Securities Lending Risk. </b>The Fund may engage in securities lending. Securities lending involves the risk that the Fund may lose money because the borrower of the Fund's loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of the collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.<br/><br/><b>Security Risk.</b> Some countries and regions in which the Fund invests have experienced security concerns. Incidents involving a country's or region's security may cause uncertainty in these markets and may adversely affect their economies and the Fund's investments.<br/><br/><b>Tracking Error Risk. </b>Tracking error is the divergence of the Fund&#8217;s performance from that of the Underlying Index. Tracking error may occur because of differences between the securities held in the Fund&#8217;s portfolio and those included in the Underlying Index, pricing differences, transaction costs, the Fund&#8217;s holding of cash, differences in timing of the accrual of dividends, changes to the Underlying Index or the need to meet various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Underlying Index does not.<br/><br/><b>Valuation Risk. </b>The sale price the Fund could receive for a security may differ from the Fund's valuation of the security&#8201;and may differ from the value used by the Underlying Index, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. In addition, the value of the securities in the Fund's portfolio may change on days when shareholders will not be able to purchase or sell the Fund's shares.<b>Performance Information</b>The Fund&#8217;s total return for the nine months ended2012-09-30-0.0557best1-800-iShares (1-800-474-2737) (toll free)The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund. Both assume that all dividends and distributions have been reinvested in the Fund. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Supplemental information about the Fund&#8217;s performance is shown under the heading Total Return Information in the Supplemental Information section of the Fund's prospectus (the &#8220;Prospectus&#8221;).2009-06-300.3567worst2011-09-30-0.219www.iShares.comAs with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. The Fund is subject to the principal risks noted below, any of which may adversely affect the Fund's net asset value per share (&#8220;NAV&#8221;), trading price, yield, total return and ability to meet its investment objective.<br/><br/><b>Asset Class Risk.</b> Securities in the Underlying Index or in the Fund's portfolio may underperform in comparison to the general securities markets or other asset classes.<br/><br/><b>Capital Goods Sector Risk.</b> The capital goods sector may be affected by fluctuations in the business cycle. Many capital goods are sold internationally and companies in this sector are subject to market conditions in other countries and regions.<br/><br/><b>Commodity Exposure Risk.</b> The Fund invests in economies that are susceptible to fluctuations in certain commodity markets. Any negative changes in commodity markets could have an adverse impact on those economies.<br/><br/><b>Concentration Risk.</b> To the extent that the Fund's investments are concentrated in a particular issuer, region, country, market, industry or asset class, the Fund may be susceptible to loss due to adverse occurrences affecting that issuer, region, country, market, industry or asset class.<br/><br/><b>Consumer Discretionary Sector Risk.</b> The consumer discretionary sector may be affected by changes in domestic and international economies, exchange and interest rates, competition, consumers' disposable income and consumer preferences, social trends and marketing campaigns.<br/><br/><b>Currency Risk.</b> Because the Fund's NAV is determined in U.S. dollars, the Fund's NAV could decline if the currency of a non-U.S. market in which the Fund invests depreciates against the U.S. dollar.<br/><br/><b>Custody Risk.</b> Less developed markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by local banks, agents and depositories.<br/><br/><b>Equity Securities Risk.</b> Equity securities are subject to changes in value and their values may be more volatile than other asset classes.<br/><br/><b>Financial Sector Risk.</b> Performance of companies in the financial sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. This sector has experienced significant losses in the recent past, and the impact of more stringent capital requirements and of recent or future regulation on any individual financial company or on the sector as a whole cannot be predicted.<br/><br/><b>Geographic Risk.</b> A natural or other disaster could occur in a geographic region in which the Fund invests, which could affect the economy or particular business operations of companies in the specific geographic region, causing an adverse impact on the Fund's investments in the affected region.<br/><br/><b>Index-Related Risk.</b> There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Index and therefore achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund&#8217;s ability to adjust its exposure to the required levels in order to track the Underlying Index. Errors in index data may occur from time to time and may not be identified and corrected for a period of time, and may have an adverse impact on the Fund and its Shareholders. <br/><br/><b>Industrials Sector Risk.</b> The industrials sector may be affected by changes in the supply and demand for products and services, product obsolescence, claims for environmental damage or product liability and general economic conditions, among other factors.<br/><br/><b>Issuer Risk.</b> Fund performance depends on the performance of individual securities to which the Fund has exposure. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline.<br/><br/><b>Management Risk.</b> As the Fund may not fully replicate the Underlying Index, it is subject to the risk that BFA's investment management strategy may not produce the intended results.<br/><br/><b>Market Risk.</b> The Fund could lose money over short periods due to short-term market movements and over longer periods during market downturns.<br/><br/><b>Market Trading Risk.</b> The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND'S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV.<br/><br/><b>Materials Sector Risk.</b> Companies in the materials sector may be adversely impacted by the volatility of commodity prices, exchange rates, depletion of resources, over-production, litigation and government regulations, among other factors.<br/><br/><b>Non-Diversification Risk.</b> The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund's performance may depend on the performance of a small number of issuers.<br/><br/><b>Non-U.S. Securities Risk.</b> Investments in the securities of non-U.S. issuers are subject to the risks associated with investing in those non-U.S. markets, such as heightened risks of inflation or nationalization. The Fund may lose money due to political, economic and geographic events affecting a non-U.S. issuer or market. The Fund is specifically exposed to <b>Asian Economic Risk</b>.<br/><br/><b>Passive Investment Risk.</b> The Fund is not actively managed and BFA does not attempt to take defensive positions under any market conditions, including declining markets.<br/><br/><b>Privatization Risk.</b> Some countries in which the Fund invests have privatized, or have begun the process of privatizing, certain entities and industries. Privatized entities may lose money or be re-nationalized.<br/><br/><b>Real Estate Investment Risk.</b> The Fund invests in companies that invest in real estate, such as real estate investment trusts (&#8220;REITs&#8221;) or real estate holding companies, which exposes investors in the Fund to the risks of owning real estate directly, as well as to risks that relate specifically to the way in which real estate companies are organized and operated.<br/><br/><b>Reliance on Trading Partners Risk.</b> The Fund invests in countries whose economies are heavily dependent upon trading with key partners. Any reduction in this trading may have an adverse impact on the Fund's investments. The Fund is specifically exposed to <b>Asian Economic Risk</b>, <b>European Economic Risk</b> and <b>U.S. Economic Risk</b>.<br/><br/><b>Risk of Investing in Emerging Markets.</b> The Fund's investments in emerging markets may be subject to a greater risk of loss than investments in more developed markets. Emerging markets may be more likely to experience inflation risk, political turmoil and rapid changes in economic conditions than more developed markets. Emerging markets often have less uniformity in accounting and reporting requirements, unreliable securities valuation and greater risk associated with custody of securities.<br/><br/><b>Risk of Investing in India.</b> Investments in Indian issuers involves risks that are specific to India, including legal, regulatory, political and economic risks. The securities markets in India are relatively underdeveloped and may subject the Fund to higher transaction costs or greater uncertainty than investments in more developed securities markets.<br/><br/><b>Risk of Investing in Russia.</b> Investing in Russian securities involves significant risks, including legal, regulatory and economic risks that are specific to Russia. In addition, investing in Russian securities involves risks associated with the settlement of portfolio transactions and loss of the Fund&#8217;s ownership rights in its portfolio securities, as a result of the system of share registration and custody in Russia.<br/><br/><b>Securities Lending Risk.</b> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may lose money because the borrower of the Fund's loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of the collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.<br/><br/><b>Security Risk.</b> Some countries and regions in which the Fund invests have experienced security concerns. Incidents involving a country's or region's security may cause uncertainty in these markets and may adversely affect their economies and the Fund's investments.<br/><br/><b>Small-Capitalization Companies Risk.</b> Compared to mid- and large-capitalization companies, small-capitalization companies may be less stable and more susceptible to adverse developments, and their securities may be more volatile and less liquid.<br/><br/><b>Structural Risk.</b> The countries in which the Fund invests may be subject to considerable degrees of economic, political and social instability.<br/><br/><b>Technology Sector Risk.</b> Technology companies may have limited product lines, markets, financial resources or personnel. Technology companies typically face intense competition and potentially rapid product obsolescence. They are also heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights.<br/><br/><b>Tracking Error Risk.</b> Tracking error is the divergence of the Fund&#8217;s performance from that of the Underlying Index. Tracking error may occur because of differences between the securities held in the Fund&#8217;s portfolio and those included in the Underlying Index, pricing differences, transaction costs, the Fund&#8217;s holding of cash, differences in timing of the accrual of dividends, changes to the Underlying Index or the need to meet various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Underlying Index does not. BFA EXPECTS THAT THE FUND MAY EXPERIENCE HIGHER TRACKING ERROR THAN IS TYPICAL FOR SIMILAR INDEX EXCHANGE-TRADED FUNDS.<br/><br/><b>Treaty/Tax Risk.</b> The Fund and the Subsidiary rely on the Double Tax Avoidance Agreement between India and Mauritius (&#8220;DTAA&#8221;) for relief from certain Indian taxes. Treaty renegotiation (particularly to introduce a limitation of benefit clause) or recent legislative changes may result in the Fund withdrawing from the Subsidiary, which may result in higher taxes and/or lower returns for the Fund.<br/><br/><b>Valuation Risk.</b> The sale price the Fund could receive for a security may differ from the Fund's valuation of the security&#8201;and may differ from the value used by the Underlying Index, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. In addition, the value of the securities in the Fund's portfolio may change on days when shareholders will not be able to purchase or sell the Fund's shares.As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments.<div style="display:none">~ http://www.iShares.com/role/ScheduleExpenseExampleTransposediSharesMSCISingaporeETF column period compact * ~</div><div style="display:none">~ http://www.iShares.com/role/ScheduleAverageAnnualTotalReturnsTransposediSharesMSCISingaporeETF column period compact * ~</div>The best calendar quarter return during the periods shown above was 26.30% in the 2nd quarter of 2009; the worst was -26.37% in the 4th quarter of 2008.<br/><br/>Updated performance information is available at www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).-0.2160.42390.21070.0861Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.<b>Year by Year Returns (Years Ended December 31)</b>0.3583iSHARES<sup>&#174</sup> MSCI AUSTRIA CAPPED ETF<br/>Ticker: EWO&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock Exchange: NYSE Arca<b>Investment Objective</b>The iShares MSCI Austria Capped ETF (the &#8220;Fund&#8221;) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Austria IMI 25/50 Index (the &#8220;Underlying Index&#8221;).<b>Fees and Expenses</b>The following table describes the fees and expenses that you will incur if you own shares of the Fund. The investment advisory agreement between iShares, Inc. (the &#8220;Company&#8221;) and BlackRock Fund Advisors (&#8220;BFA&#8221;) (the &#8220; Investment Advisory Agreement&#8221;) provides that BFA will pay all operating expenses of the Fund, except interest expenses, taxes, brokerage expenses, future distribution fees or expenses, and extraordinary expenses.<br/><br/>You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:<b>Annual Fund Operating Expenses<br/>(ongoing expenses that you pay each year as a<br/>percentage of the value of your investments)</b><b>Example.</b>0.1943This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:<b>Portfolio Turnover.</b>-0.4757The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 13% of the average value of its portfolio.0.3117<b>Principal Investment Strategies</b><b>Performance Information</b>-0.0441The Underlying Index consists of stocks traded primarily on the Vienna Stock Exchange. The Underlying Index is a free-float adjusted market capitalization weighted index with a capping methodology applied to issuer weights so that no single issuer of a component exceeds 25% of the Underlying Index weight and all issuers with weight above 5% do not exceed 50% of the Underlying Index weight. Components primarily include energy, financial, industrials and materials companies. The components of the Underlying Index, and the degree to which these components represent certain industries, may change over time.<br/><br/>BFA uses a &#8220;passive&#8221; or indexing approach to try to achieve the Fund&#8217;s investment objective. Unlike many investment companies, the Fund does not try to &#8220;beat&#8221; the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued.<br/><br/>Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by keeping portfolio turnover low in comparison to actively managed investment companies.<br/><br/>BFA uses a representative sampling indexing strategy to manage the Fund. &#8220;Representative sampling&#8221; is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability and yield) and liquidity measures similar to those of the Underlying Index. The Fund may or may not hold all of the securities in the Underlying Index.<br/><br/>The Fund generally invests at least 90% of its assets in the securities of its Underlying Index and in depositary receipts (&#8220;DRs&#8221;) representing securities in its Underlying Index. The Fund will at all times invest at least 80% of its assets in the securities of the Underlying Index or in DRs representing securities in its Underlying Index. The Fund may invest the remainder of its assets in other securities, including securities not in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index, and in other investments, including futures contracts, options on futures contracts, other types of options and swaps related to its Underlying Index, as well as cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates.<br/><br/>The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of the collateral received).<br/><br/>The Underlying Index is sponsored by an organization (the &#8220;Index Provider&#8221;) that is independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. The Fund&#8217;s Index Provider is MSCI Inc. (&#8220;MSCI&#8221;).<br/><br/><b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries, which may include large-, mid- or small-capitalization companies, to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.<b>Summary of Principal Risks</b>-0.1766As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. The Fund is subject to the principal risks noted below, any of which may adversely affect the Fund's net asset value per share (&#8220;NAV&#8221;), trading price, yield, total return and ability to meet its investment objective.<br/><br/><b>Asset Class Risk.</b> Securities in the Underlying Index or in the Fund's portfolio may underperform in comparison to the general securities markets or other asset classes.<br/><br/><b>Concentration Risk.</b> To the extent that the Fund's investments are concentrated in a particular issuer, region, country, market, industry or asset class, the Fund may be susceptible to loss due to adverse occurrences affecting that issuer, region, country, market, industry or asset class.<br/><br/><b>Currency Risk.</b> Because the Fund's NAV is determined in U.S. dollars, the Fund's NAV could decline if the currency of a non-U.S. market in which the Fund invests depreciates against the U.S. dollar.<br/><br/><b>Energy Sector Risk.</b> The value of securities issued by companies in the energy sector may decline for many reasons, including, without limitation, changes in energy prices, government regulations, energy conservation efforts and potential civil liabilities.<br/><br/><b>Equity Securities Risk.</b> Equity securities are subject to changes in value and their values may be more volatile than other asset classes.<br/><br/><b>Financial Sector Risk.</b> Performance of companies in the financial sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. This sector has experienced significant losses in the recent past, and the impact of more stringent capital requirements and of recent or future regulation on any individual financial company or on the sector as a whole cannot be predicted.<br/><br/><b>Index-Related Risk.</b> There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Index and therefore achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund&#8217;s ability to adjust its exposure to the required levels in order to track the Underlying Index. Errors in index data may occur from time to time and may not be identified and corrected for a period of time, and may have an adverse impact on the Fund and its Shareholders.<br/><br/><b>Industrials Sector Risk.</b> The industrials sector may be affected by changes in the supply and demand for products and services, product obsolescence, claims for environmental damage or product liability and general economic conditions, among other factors.<br/><br/><b>Issuer Risk.</b> Fund performance depends on the performance of individual securities to which the Fund has exposure. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline.<br/><br/><b>Management Risk.</b> As the Fund may not fully replicate the Underlying Index, it is subject to the risk that BFA's investment management strategy may not produce the intended results.<br/><br/><b>Market Risk.</b> The Fund could lose money over short periods due to short-term market movements and over longer periods during market downturns.<br/><br/><b>Market Trading Risk.</b> The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND'S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV.<br/><br/><b>Materials Sector Risk.</b> Companies in the materials sector may be adversely impacted by the volatility of commodity prices, exchange rates, depletion of resources, over-production, litigation and government regulations, among other factors.<br/><br/><b>Mid-Capitalization Companies Risk.</b> Compared to large-capitalization companies, mid-capitalization companies may be less stable and more susceptible to adverse developments, and their securities may be more volatile and less liquid.<br/><br/><b>Non-Diversification Risk.</b> The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund's performance may depend on the performance of a small number of issuers.<br/><br/><b>Non-U.S. Securities Risk.</b> Investments in the securities of non-U.S. issuers are subject to the risks associated with investing in those non-U.S. markets, such as heightened risks of inflation or nationalization. The Fund may lose money due to political, economic and geographic events affecting an Austrian issuer or market. The Fund is specifically exposed to <b>European Economic Risk</b>.<br/><br/><b>Passive Investment Risk.</b> The Fund is not actively managed and BFA does not attempt to take defensive positions under any market conditions, including declining markets.<br/><br/><b>Reliance on Trading Partners Risk.</b> The Fund invests in a country whose economy is heavily dependent upon trading with key partners. Any reduction in this trading may have an adverse impact on the Fund's investments. The Fund is specifically exposed to <b>European Economic Risk</b>.<br/><br/><b>Risk of Investing in Austria.</b> Investments in Austrian issuers may subject the Fund to legal, regulatory, political, currency, security, and economic risk specific to Austria. The Austrian economy, along with certain other European Union (&#8220;EU&#8221;) economies, experienced a significant economic slowdown during the recent financial crisis. The Austrian economy is also heavily dependent on trade with other European countries.<br/><br/><b>Securities Lending Risk.</b> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may lose money because the borrower of the Fund's loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of the collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.<br/><br/><b>Tracking Error Risk.</b> Tracking error is the divergence of the Fund&#8217;s performance from that of the Underlying Index. Tracking error may occur because of differences between the securities held in the Fund&#8217;s portfolio and those included in the Underlying Index, pricing differences, transaction costs, the Fund&#8217;s holding of cash, differences in timing of the accrual of dividends, changes to the Underlying Index or the need to meet various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Underlying Index does not. BFA EXPECTS THAT THE FUND MAY EXPERIENCE HIGHER TRACKING ERROR THAN IS TYPICAL FOR SIMILAR INDEX EXCHANGE-TRADED FUNDS.<br/><br/><b>Valuation Risk.</b> The sale price the Fund could receive for a security may differ from the Fund's valuation of the security&#8201;and may differ from the value used by the Underlying Index, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. In addition, the value of the securities in the Fund's portfolio may change on days when shareholders will not be able to purchase or sell the Fund's shares.The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund. Both assume that all dividends and distributions have been reinvested in the Fund. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Supplemental information about the Fund&#8217;s performance is shown under the heading Total Return Information in the Supplemental Information section of the Fund's prospectus (the &#8220;Prospectus&#8221;).<b>Performance Information</b>The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund. Both assume that all dividends and distributions have been reinvested in the Fund. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Supplemental information about the Fund&#8217;s performance is shown under the heading Total Return Information in the Supplemental Information section of the Fund's prospectus (the &#8220;Prospectus&#8221;).0.0052000.0052As of the date of this Prospectus, the Fund does not have a full calendar year of performance information to report.<b>Year by Year Returns (Years Ended December 31)</b>53167After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes.291Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (&#8220;IRAs&#8221;).best6532009-06-30Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions.0.263worst2008-12-31-0.2637The best calendar quarter return during the periods shown above was 26.00% in the 2nd quarter of 2003; the worst was -28.41% in the 3rd quarter of 2011.<br/><br/>Updated performance information is available at www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).<b>Year by Year Returns (Years Ended December 31)</b><b>Average Annual Total Returns<br/>(for the periods ended December 31, 2011)</b><b>Average Annual Total Returns<br/>(for the periods ended December 31, 2011)</b>iSHARES<sup>&#174</sup> MSCI ITALY CAPPED ETF <br/>Ticker: EWI&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock Exchange: NYSE Arca<b>Investment Objective</b>0.17270.58460.7093The iShares MSCI Italy Capped ETF (the &#8220;Fund&#8221;) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Italy 25/50 Index (the &#8220;Underlying Index&#8221;).0.215<b>Fees and Expenses</b>The following table describes the fees and expenses that you will incur if you own shares of the Fund. The investment advisory agreement between iShares, Inc. (the &#8220;Company&#8221;) and BlackRock Fund Advisors (&#8220;BFA&#8221;) (the &#8220; Investment Advisory Agreement&#8221;) provides that BFA will pay all operating expenses of the Fund, except interest expenses, taxes, brokerage expenses, future distribution fees or expenses, and extraordinary expenses. <br/><br/>You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:0.3584-0.1766-0.1771-0.1036-0.1764<b>Annual Fund Operating Expenses<br/> (ongoing expenses that you pay each year as a <br/>percentage of the value of your investments)</b><br /><br />0.0395-0.6378-0.0836-0.0836-0.0631-0.08270.61520.02570.02430.02570.02710.1304-0.3376This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:<b>Example.</b>As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. The Fund is subject to the principal risks noted below, any of which may adversely affect the Fund's net asset value per share (&#8220;NAV&#8221;), trading price, yield, total return and ability to meet its investment objective.<br/><br/><b>Asset Class Risk.</b> Securities in the Underlying Index or in the Fund's portfolio may underperform in comparison to the general securities markets or other asset classes. <br/><br/><b>Concentration Risk.</b> To the extent that the Fund's investments are concentrated in a particular issuer, region, country, market, industry or asset class, the Fund may be susceptible to loss due to adverse occurrences affecting that issuer, region, country, market, industry or asset class. <br/><br/><b>Consumer Discretionary Sector Risk.</b> The consumer discretionary sector may be affected by changes in domestic and international economies, exchange and interest rates, competition, consumers' disposable income and consumer preferences, social trends and marketing campaigns. <br/><br/><b>Currency Risk.</b> Because the Fund's NAV is determined in U.S. dollars, the Fund's NAV could decline if the currency of a non-U.S. market in which the Fund invests depreciates against the U.S. dollar. <br/><br/><b>Equity Securities Risk.</b> Equity securities are subject to changes in value and their values may be more volatile than other asset classes. <br/><br/><b>Financial Sector Risk.</b> Performance of companies in the financial sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. This sector has experienced significant losses in the recent past, and the impact of more stringent capital requirements and of recent or future regulation on any individual financial company or on the sector as a whole cannot be predicted. <br/><br/><b>Geographic Risk.</b> A natural or other disaster could occur in a geographic region in which the Fund invests, which could affect the economy or particular business operations of companies in the specific geographic region, causing an adverse impact on the Fund's investments in the affected region. <br/><br/><b>Index-Related Risk.</b> There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Index and therefore achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund&#8217;s ability to adjust its exposure to the required levels in order to track the Underlying Index. Errors in index data may occur from time to time and may not be identified and corrected for a period of time, and may have an adverse impact on the Fund and its Shareholders. <br/><br/><b>Industrials Sector Risk.</b> The industrials sector may be affected by changes in the supply and demand for products and services, product obsolescence, claims for environmental damage or product liability and general economic conditions, among other factors. <br/><br/><b>Issuer Risk.</b> Fund performance depends on the performance of individual securities to which the Fund has exposure. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline. <br/><br/><b>Lack of Natural Resources Risk.</b> The Fund invests in Japan, which has few natural resources. Any fluctuation or shortage in the commodity markets could have a negative impact on Japanese securities. <br/><br/><b>Management Risk.</b> As the Fund may not fully replicate the Underlying Index, it is subject to the risk that BFA's investment management strategy may not produce the intended results. <br/><br/><b>Market Risk.</b> The Fund could lose money over short periods due to short-term market movements and over longer periods during market downturns. <br/><br/><b>Market Trading Risk.</b> The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND'S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV. <br/><br/><b>Non-U.S. Securities Risk.</b> Investments in the securities of non-U.S. issuers are subject to the risks associated with investing in those non-U.S. markets, such as heightened risks of inflation or nationalization. The Fund may lose money due to political, economic and geographic events affecting a Japanese issuer or market. The Fund is specifically exposed to <b>Asian Economic Risk</b>.<br/><br/><b>Passive Investment Risk.</b> The Fund is not actively managed and BFA does not attempt to take defensive positions under any market conditions, including declining markets. <br/><br/><b>Reliance on Trading Partners Risk.</b> The Fund invests in a country whose economy is heavily dependent upon trading with key partners. Any reduction in this trading may have an adverse impact on the Fund's investments. The Fund is specifically exposed to <b>Asian Economic Risk</b>, <b>European Economic Risk</b> and <b>U.S. Economic Risk</b>.<br/><br/><b>Risk of Investing in Japan.</b> The Japanese economy may be subject to considerable degrees of economic, political and social instability, which could have a negative impact on Japanese securities. In addition, Japan is subject to the risk of natural disasters, such as earthquakes, volcanoes, typhoons and tsunamis. <br/><br/><b>Securities Lending Risk.</b> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may lose money because the borrower of the Fund's loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of the collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund. <br/><br/><b>Security Risk.</b> The geographic area in which the Fund invests has experienced security concerns. Incidents involving a country's or region's security may cause uncertainty in Japanese markets and may adversely affect its economy and the Fund's investments. <br/><br/><b>Small-Capitalization Companies Risk.</b> Compared to mid- and large-capitalization companies, small-capitalization companies may be less stable and more susceptible to adverse developments, and their securities may be more volatile and less liquid. <br/><br/><b>Tracking Error Risk.</b> Tracking error is the divergence of the Fund&#8217;s performance from that of the Underlying Index. Tracking error may occur because of differences between the securities held in the Fund&#8217;s portfolio and those included in the Underlying Index, pricing differences, transaction costs, the Fund&#8217;s holding of cash, differences in timing of the accrual of dividends, changes to the Underlying Index or the need to meet various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Underlying Index does not. BFA EXPECTS THAT THE FUND MAY EXPERIENCE HIGHER TRACKING ERROR THAN IS TYPICAL FOR SIMILAR INDEX EXCHANGE-TRADED FUNDS. <br/><br/><b>Valuation Risk.</b> The sale price the Fund could receive for a security may differ from the Fund's valuation of the security&#8201;and may differ from the value used by the Underlying Index, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. In addition, the value of the securities in the Fund's portfolio may change on days when shareholders will not be able to purchase or sell the Fund's shares.<b>Portfolio Turnover.</b>The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 14% of the average value of its portfolio.<b>Principal Investment Strategies</b>The Underlying Index consists of stocks traded primarily on the Milan Stock Exchange. The Underlying Index is a free-float adjusted market capitalization weighted index with a capping methodology applied to issuer weights so that no single issuer of a component exceeds 25% of the Underlying Index weight and all issuers with weight above 5% do not exceed 50% of the Underlying Index weight. Components primarily include energy, financial and utilities companies. The components of the Underlying Index, and the degree to which these components represent certain industries, may change over time. <br /><br /> BFA uses a &#8220;passive&#8221; or indexing approach to try to achieve the Fund&#8217;s investment objective. Unlike many investment companies, the Fund does not try to &#8220;beat&#8221; the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. <br /><br /> Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by keeping portfolio turnover low in comparison to actively managed investment companies. <br /><br /> BFA uses a representative sampling indexing strategy to manage the Fund. &#8220;Representative sampling&#8221; is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability and yield) and liquidity measures similar to those of the Underlying Index. The Fund may or may not hold all of the securities in the Underlying Index. <br /><br /> The Fund will at all times invest at least 80% of its assets in the securities of its Underlying Index and in depositary receipts (&#8220;DRs&#8221;) representing securities in its Underlying Index. The Fund may invest the remainder of its assets in other securities, including securities not in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index, and in other investments, including futures contracts, options on futures contracts, other types of options and swaps related to its Underlying Index, as well as cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates. <br /><br /> The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of the collateral received). <br /><br /> The Underlying Index is sponsored by an organization (the &#8220;Index Provider&#8221;) that is independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. The Fund&#8217;s Index Provider is MSCI Inc. (&#8220;MSCI&#8221;). <br /><br /> <b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries, which may include large-, mid- or small-capitalization companies, to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.<b>Summary of Principal Risks</b>As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. The Fund is subject to the principal risks noted below, any of which may adversely affect the Fund's net asset value per share (&#8220;NAV&#8221;), trading price, yield, total return and ability to meet its investment objective. <br /><br /><b>Asset Class Risk.</b> Securities in the Underlying Index or in the Fund's portfolio may underperform in comparison to the general securities markets or other asset classes. <br /><br /><b>Concentration Risk.</b> To the extent that the Fund's investments are concentrated in a particular issuer, region, country, market, industry or asset class, the Fund may be susceptible to loss due to adverse occurrences affecting that issuer, region, country, market, industry or asset class. <br /><br />
<b>Currency Risk.</b> Because the Fund's NAV is determined in U.S. dollars, the Fund's NAV could decline if the currency of a non-U.S. market in which the Fund invests depreciates against the U.S. dollar. <br /><br />
<b>Energy Sector Risk.</b> The value of securities issued by companies in the energy sector may decline for many reasons, including, without limitation, changes in energy prices, government regulations, energy conservation efforts and potential civil liabilities. <br /><br /><b>Equity Securities Risk.</b> Equity securities are subject to changes in value and their values may be more volatile than other asset classes. <br /><br /><b>Financial Sector Risk.</b> Performance of companies in the financial sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. This sector has experienced significant losses in the recent past, and the impact of more stringent capital requirements and of recent or future regulation on any individual financial company or on the sector as a whole cannot be predicted. <br /><br /><b>Geographic Risk.</b> A natural or other disaster could occur in a geographic region in which the Fund invests, which could affect the economy or particular business operations of companies in the specific geographic region, causing an adverse impact on the Fund's investments in the affected region. <br /><br /><b>Index-Related Risk.</b> There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Index and therefore achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund&#8217;s ability to adjust its exposure to the required levels in order to track the Underlying Index. Errors in index data may occur from time to time and may not be identified and corrected for a period of time, and may have an adverse impact on the Fund and its Shareholders. <br /><br /><b>Issuer Risk.</b> Fund performance depends on the performance of individual securities to which the Fund has exposure. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline. <br /><br /><b>
Management Risk.</b> As the Fund may not fully replicate the Underlying Index, it is subject to the risk that BFA's investment management strategy may not produce the intended results. <br /><br /><b>Market Risk.</b> The Fund could lose money over short periods due to short-term market movements and over longer periods during market downturns. <br /><br /><b>Market Trading Risk.</b> The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND'S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV. <br /><br /><b>
Mid-Capitalization Companies Risk.</b> Compared to large-capitalization companies, mid-capitalization companies may be less stable and more susceptible to adverse developments, and their securities may be more volatile and less liquid. <br /><br /><b>Non-Diversification Risk.</b> The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund's performance may depend on the performance of a small number of issuers. <br /><br /><b>Non-U.S. Securities Risk.</b> Investments in the securities of non-U.S. issuers are subject to the risks associated with investing in those non-U.S. markets, such as heightened risks of inflation or nationalization. The Fund may lose money due to political, economic and geographic events affecting an Italian issuer or market. The Fund is specifically exposed to <b>European Economic Risk.</b> <br /><br /><b>Passive Investment Risk.</b> The Fund is not actively managed and BFA does not attempt to take defensive positions under any market conditions, including declining markets. <br /><br /><b>Risk of Investing in Italy.</b> The Fund&#8217;s investments in Italian issuers may subject the Fund to legal, regulatory, political, currency and economic risk specific to Italy. Among other things, Italy&#8217;s economy has been characterized by slow growth over the past few decades due to factors such as a high tax rate, rigid labor market and a generous pension system. Recently, the Italian government experienced significant budget deficits and a high amount of public debt, causing credit agencies to lower Italy&#8217;s sovereign debt rating. <br /><br /><b>Securities Lending Risk.</b> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may lose money because the borrower of the Fund's loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of the collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund. <br /><br /><b>Structural Risk.</b> The country in which the Fund invests may be subject to considerable degrees of economic, political and social instability. <br /><br /><b>
Tracking Error Risk.</b> Tracking error is the divergence of the Fund&#8217;s performance from that of the Underlying Index. Tracking error may occur because of differences between the securities held in the Fund&#8217;s portfolio and those included in the Underlying Index, pricing differences, transaction costs, the Fund&#8217;s holding of cash, differences in timing of the accrual of dividends, changes to the Underlying Index or the need to meet various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Underlying Index does not. BFA EXPECTS THAT THE FUND MAY EXPERIENCE HIGHER TRACKING ERROR THAN IS TYPICAL FOR SIMILAR INDEX EXCHANGE-TRADED FUNDS. <br /><br /><b>
Utilities Sector Risk.</b> The utilities sector is subject to significant government regulation and oversight. Companies in the utilities sector may be adversely affected due to increases in fuel and operating costs, rising costs of financing capital construction and the cost of complying with regulations, among other factors. <br /><br /><b>Valuation Risk.</b> The sale price the Fund could receive for a security may differ from the Fund's valuation of the security&#8201;and may differ from the value used by the Underlying Index, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. In addition, the value of the securities in the Fund's portfolio may change on days when shareholders will not be able to purchase or sell the Fund's shares.You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:<b>Performance Information</b>The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund. Both assume that all dividends and distributions have been reinvested in the Fund. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Supplemental information about the Fund&#8217;s performance is shown under the heading Total Return Information in the Supplemental Information section of the Fund's prospectus (the &#8220;Prospectus&#8221;).<b>Year by Year Returns (Years Ended December 31)</b>The best calendar quarter return during the periods shown above was 29.01% in the 2nd quarter of 2009; the worst was -31.23% in the 3rd quarter of 2011.<br/><br/> Updated performance information is available at www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).<b>Average Annual Total Returns<br/> (for the periods ended December 31, 2011)You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:The best calendar quarter return during the periods shown above was 35.07% in the 3rd quarter of 2009; the worst was -38.70% in the 3rd quarter of 2008.<br/><br/>Updated performance information is available at www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).<b>Average Annual Total Returns<br/>(for the periods ended December 31, 2011)</b>2000-07-25-0.3376-0.3395-0.2118-0.3355-0.1456-0.1473-0.1135-0.15540.09090.08920.08420.0881996-03-12The Fund&#8217;s total return for the nine months ended2012-09-30The Fund&#8217;s total return for the nine months ended2012-09-300.3886best2009-06-300.6055worst2011-09-30-0.17841996-03-121996-03-12-0.0297-0.034-0.0126-0.0375-0.0423-0.03140.04160.03670.0359-0.0256-0.0320.04821996-03-12<div style="display:none">~ http://www.iShares.com/role/ScheduleExpenseExampleTransposediSharesMSCITurkeyETF column period compact * ~</div>
0.2915<div style="display:none">~ http://www.iShares.com/role/ScheduleAnnualTotalReturnsiSharesMSCITurkeyETFBarChart column period compact * ~</div>
After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes.bestActual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (&#8220;IRAs&#8221;).2009-06-300.5263Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions.worst2011-09-30-0.1374<div style="display:none">~ http://www.iShares.com/role/ScheduleAnnualFundOperatingExpensesTransposediSharesMSCIUnitedKingdomETF column period compact * ~</div>
<div style="display:none">~ http://www.iShares.com/role/ScheduleAnnualFundOperatingExpensesTransposediSharesMSCITurkeyETF column period compact * ~</div>
The Fund&#8217;s total return for the nine months ended2012-09-300.1063best2003-06-300.26worst2011-09-30-0.28410.07You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:<b>Industry Concentration Policy. </b>The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries, which may include large-, mid- or small-capitalization companies, to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.The Fund&#8217;s total return for the nine months endedAs with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments.2012-09-300.1011The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund.www.iShares.com1-800-iShares (1-800-474-2737) (toll free)As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments.You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.0.13The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund.-0.0316-0.0337-0.0252-0.0282Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.<b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries, which may include large-, mid- or small-capitalization companies, to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.1-800-iShares (1-800-474-2737) (toll free)www.iShares.comAs with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments.After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes.Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (&#8220;IRAs&#8221;).<b>Non-Diversification Risk.</b> The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund's performance may depend on the performance of a small number of issuers.Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions.The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund.Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes.www.iShares.com1-800-iShares (1-800-474-2737) (toll free)After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes.Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (&#8220;IRAs&#8221;).Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions.The Fund&#8217;s total return for the nine months ended2012-09-300.1026<b>Performance Information</b>bestThe bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund. Both assume that all dividends and distributions have been reinvested in the Fund. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Supplemental information about the Fund&#8217;s performance is shown under the heading Total Return Information in the Supplemental Information section of the Fund's prospectus (the &#8220;Prospectus&#8221;).2009-09-300.3507worstiSHARES<sup>&#174</sup> MSCI TAIWAN ETF<br/>Ticker: EWT&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock Exchange: NYSE Arca2008-09-30-0.387The best calendar quarter return during the periods shown above was 25.46% in the 2nd quarter of 2009; the worst was -16.29% in the 3rd quarter of 2008.<br/><br/> Updated performance information is available at www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (&#8220;IRAs&#8221;).<b>Year by Year Returns (Years Ended December 31)</b><b>Average Annual Total Returns<br/>(for the periods ended December 31, 2011)</b>Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions.<b>Investment Objective</b>The iShares MSCI Taiwan ETF (the &#8220;Fund&#8221;) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Taiwan Index (the &#8220;Underlying Index&#8221;).2008-03-26<b>Fees and Expenses</b>The following table describes the fees and expenses that you will incur if you own shares of the Fund. The investment advisory agreement between iShares, Inc. (the &#8220;Company&#8221;) and BlackRock Fund Advisors (&#8220;BFA&#8221;) (the &#8220; Investment Advisory Agreement&#8221;) provides that BFA will pay all operating expenses of the Fund, except interest expenses, taxes, brokerage expenses, future distribution fees or expenses, and extraordinary expenses.<br/><br/>You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:-0.0446-0.0478-0.0241-0.0389-0.0089-0.0114-0.0073-0.0057<b>Annual Fund Operating Expenses<br/>(ongoing expenses that you pay each year as a<br/>percentage of the value of your investments)</b>0.0061000.0061<b>Example.</b>This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:<div style="display:none">~ http://www.iShares.com/role/ScheduleAnnualFundOperatingExpensesTransposediSharesMSCIAustriaCappedETF column period compact * ~</div>
<div style="display:none">~ http://www.iShares.com/role/ScheduleExpenseExampleTransposediSharesMSCIAustriaCappedETF column period compact * ~</div>
<div style="display:none">~ http://www.iShares.com/role/ScheduleAnnualTotalReturnsiSharesMSCIAustriaCappedETFBarChart column period compact * ~</div>
62<div style="display:none">~ http://www.iShares.com/role/ScheduleAverageAnnualTotalReturnsTransposediSharesMSCIAustriaCappedETF column period compact * ~</div>
195340<div style="display:none">~ http://www.iShares.com/role/ScheduleAnnualFundOperatingExpensesTransposediSharesMSCIEMUETF column period compact * ~</div>
762<div style="display:none">~ http://www.iShares.com/role/ScheduleExpenseExampleTransposediSharesMSCIEMUETF column period compact * ~</div>
-0.20850.0439<div style="display:none">~ http://www.iShares.com/role/ScheduleAnnualTotalReturnsiSharesMSCIEMUETFBarChart column period compact * ~</div>
0.1968-0.0446<div style="display:none">~ http://www.iShares.com/role/ScheduleAverageAnnualTotalReturnsTransposediSharesMSCIEMUETF column period compact * ~</div>
<b>Portfolio Turnover.</b>The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 22% of the average value of its portfolio.<b>Principal Investment Strategies</b><div style="display:none">~ http://www.iShares.com/role/ScheduleAverageAnnualTotalReturnsTransposediSharesMSCITurkeyETF column period compact * ~</div>
The Underlying Index consists of stocks traded primarily on the Taiwan Stock Exchange. Components primarily include financial, information technology and materials companies. The components of the Underlying Index, and the degree to which these components represent certain industries, may change over time.<br/><br/>BFA uses a &#8220;passive&#8221; or indexing approach to try to achieve the Fund&#8217;s investment objective. Unlike many investment companies, the Fund does not try to &#8220;beat&#8221; the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued.<br/><br/>Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by keeping portfolio turnover low in comparison to actively managed investment companies.<br/><br/>BFA uses a representative sampling indexing strategy to manage the Fund. &#8220;Representative sampling&#8221; is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability and yield) and liquidity measures similar to those of the Underlying Index. The Fund may or may not hold all of the securities in the Underlying Index.<br/><br/>The Fund will at all times invest at least 80% of its assets in the securities of its Underlying Index and in depositary receipts (&#8220;DRs&#8221;) representing securities in its Underlying Index. The Fund may invest the remainder of its assets in other securities, including securities not in the Underlying Index, but which BFA believes will help track the Underlying Index, and in other investments, including futures contracts, options on futures contracts, other types of options and swaps related to its Underlying Index, as well as cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates.<br/><br/>The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of the collateral received).<br/><br/>The Underlying Index is sponsored by an organization (the &#8220;Index Provider&#8221;) that is independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. The Fund&#8217;s Index Provider is MSCI Inc. (&#8220;MSCI&#8221;).<br/><br/><b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries, which may include large-, mid- or small-capitalization companies, to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.2007-12-20<b>Summary of Principal Risks</b>As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. The Fund is subject to the principal risks noted below, any of which may adversely affect the Fund's net asset value per share (&#8220;NAV&#8221;), trading price, yield, total return and ability to meet its investment objective.<br/><br/><b>Asset Class Risk.</b> Securities in the Underlying Index or in the Fund's portfolio may underperform in comparison to the general securities markets or other asset classes.<br/><br/><b>Concentration Risk.</b> To the extent that the Fund's investments are concentrated in a particular issuer, region, country, market, industry or asset class, the Fund may be susceptible to loss due to adverse occurrences affecting that issuer, region, country, market, industry or asset class.<br/><br/><b>Currency Risk.</b> Because the Fund's NAV is determined in U.S. dollars, the Fund's NAV could decline if the currency of a non-U.S. market in which the Fund invests depreciates against the U.S. dollar.<br/><br/><b>Custody Risk.</b> Less developed markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by local banks, agents and depositories.<br/><br/><b>Equity Securities Risk.</b> Equity securities are subject to changes in value and their values may be more volatile than other asset classes.<br/><br/><b>Financial Sector Risk.</b> Performance of companies in the financial sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. This sector has experienced significant losses in the recent past, and the impact of more stringent capital requirements and of recent or future regulation on any individual financial company or on the sector as a whole cannot be predicted.<br/><br/><b>Geographic Risk.</b> A natural or other disaster could occur in a geographic region in which the Fund invests, which could affect the economy or particular business operations of companies in the specific geographic region, causing an adverse impact on the Fund's investments in the affected region.<br/><br/><b>Index-Related Risk.</b> There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Index and therefore achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund&#8217;s ability to adjust its exposure to the required levels in order to track the Underlying Index. Errors in index data may occur from time to time and may not be identified and corrected for a period of time, and may have an adverse impact on the Fund and its Shareholders.<br/><br/><b>Information Technology Sector Risk.</b> Information technology companies face intense competition and potentially rapid product obsolescence. They are also heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights.<br/><br/><b>Issuer Risk.</b> Fund performance depends on the performance of individual securities to which the Fund has exposure. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline.<br/><br/><b>Lack of Natural Resources Risk.</b> The Fund invests in Taiwan, which has few natural resources. Any fluctuation or shortage in the commodity markets could have a negative impact on the Taiwanese economy.<br/><br/><b>Management Risk.</b> As the Fund may not fully replicate the Underlying Index, it is subject to the risk that BFA's investment management strategy may not produce the intended results.<br/><br/><b>Market Risk.</b> The Fund could lose money over short periods due to short-term market movements and over longer periods during market downturns.<br/><br/><b>Market Trading Risk.</b> The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND'S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV.<br/><br/><b>Materials Sector Risk.</b> Companies in the materials sector may be adversely impacted by the volatility of commodity prices, exchange rates, depletion of resources, over-production, litigation and government regulations, among other factors.<br/><br/><b>Non-Diversification Risk.</b> The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund's performance may depend on the performance of a small number of issuers.<br/><br/><b>Non-U.S. Securities Risk.</b> Investments in the securities of non-U.S. issuers are subject to the risks associated with investing in those non-U.S. markets, such as heightened risks of inflation or nationalization. The Fund may lose money due to political, economic and geographic events affecting a Taiwanese issuer or market. The Fund is specifically exposed to <b>Asian Economic Risk</b>.<br/><br/><b>Passive Investment Risk.</b> The Fund is not actively managed and BFA does not attempt to take defensive positions under any market conditions, including declining markets.<br/><br/><b>Reliance on Trading Partners Risk.</b> The Fund invests in a country whose economy is heavily dependent upon trading with key partners. Any reduction in this trading may have an adverse impact on the Fund's investments. The Fund is specifically exposed to <b>Asian Economic Risk</b> and <b>U.S. Economic Risk</b>.<br/><br/><b>Risk of Investing in Emerging Markets.</b> The Fund's investments in emerging markets may be subject to a greater risk of loss than investments in more developed markets. Emerging markets may be more likely to experience inflation risk, political turmoil and rapid changes in economic conditions than more developed markets. Emerging markets often have less uniformity in accounting and reporting requirements, unreliable securities valuation and greater risk associated with custody of securities.<br/><br/><b>Risk of Investing in Taiwan.</b> Investment in Taiwanese issuers involves risks that are specific to Taiwan, including legal, regulatory, political and economic risks.<br/><br/><b>Securities Lending Risk.</b> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may lose money because the borrower of the Fund's loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of the collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.<br/><br/><b>Security Risk.</b> The geographic area in which the Fund invests has experienced security concerns. Incidents involving a country's or region's security may cause uncertainty in Taiwanese markets and may adversely affect its economy and the Fund's investments.<br/><br/><b>Structural Risk.</b> The country in which the Fund invests may be subject to considerable degrees of economic, political and social instability.<br/><br/><b>Tracking Error Risk.</b> Tracking error is the divergence of the Fund&#8217;s performance from that of the Underlying Index. Tracking error may occur because of differences between the securities held in the Fund&#8217;s portfolio and those included in the Underlying Index, pricing differences, transaction costs, the Fund&#8217;s holding of cash, differences in timing of the accrual of dividends, changes to the Underlying Index or the need to meet various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Underlying Index does not. BFA EXPECTS THAT THE FUND MAY EXPERIENCE HIGHER TRACKING ERROR THAN IS TYPICAL FOR SIMILAR INDEX EXCHANGE-TRADED FUNDS.<br/><br/><b>Valuation Risk.</b> The sale price the Fund could receive for a security may differ from the Fund's valuation of the security&#8201;and may differ from the value used by the Underlying Index, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. In addition, the value of the securities in the Fund's portfolio may change on days when shareholders will not be able to purchase or sell the Fund's shares.<b>Performance Information</b>The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund. Both assume that all dividends and distributions have been reinvested in the Fund. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Supplemental information about the Fund&#8217;s performance is shown under the heading Total Return Information in the Supplemental Information section of the Fund's prospectus (the &#8220;Prospectus&#8221;).<b>Year by Year Returns (Years Ended December 31)</b>-0.0423-0.0434-0.0188-0.03480.08110.080.07230.0864<div style="display:none">~ http://www.iShares.com/role/ScheduleAnnualTotalReturnsiSharesMSCIUnitedKingdomETFBarChart column period compact * ~</div>
-0.25650.39920.08560.04890.18940.0763-0.46580.7730.2115-0.2105You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:0.14<b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries, which may include large-, mid- or small-capitalization companies, to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments.<b>Non-Diversification Risk.</b> The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund's performance may depend on the performance of a small number of issuers.The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund.Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.<div style="display:none">~ http://www.iShares.com/role/ScheduleShareholderFeesiSharesMSCIAustraliaETF column period compact * ~</div>
best2009-06-301-800-iShares (1-800-474-2737) (toll free)0.2546www.iShares.comworst2008-09-30-0.1629After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes.<div style="display:none">~ http://www.iShares.com/role/ScheduleAnnualFundOperatingExpensesTransposediSharesMSCIAustraliaETF column period compact * ~</div>
Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (&#8220;IRAs&#8221;).Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions.<div style="display:none">~ http://www.iShares.com/role/ScheduleExpenseExampleTransposediSharesMSCIAllCountryWorldMinimumVolatilityETF column period compact * ~</div>
The Fund&#8217;s total return for the nine months ended<div style="display:none">~ http://www.iShares.com/role/ScheduleExpenseExampleTransposediSharesMSCIAustraliaETF column period compact * ~</div>
2012-09-300.0297<div style="display:none">~ http://www.iShares.com/role/ScheduleAnnualTotalReturnsiSharesMSCIAllCountryWorldMinimumVolatilityETFBarChart column period compact * ~</div>
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best2009-06-300.2901<div style="display:none">~ http://www.iShares.com/role/ScheduleAverageAnnualTotalReturnsTransposediSharesMSCIAustraliaETF column period compact * ~</div>
worst2011-09-30-0.3123The best calendar quarter return during the periods shown above was 24.72% in the 2nd quarter of 2009; the worst was -25.42% in the 3rd quarter of 2008.<br/><br/>Updated performance information is available at www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).-0.06730.38850.32170.0149The Fund&#8217;s total return for the nine months ended0.32852012-09-30<b>Average Annual Total Returns<br/>(for the periods ended December 31, 2011)</b>0.05420.0242-0.48930.2581-0.147-0.24012008-03-26-0.2401-0.24-0.144-0.2318<div style="display:none">~ http://www.iShares.com/role/ScheduleAnnualTotalReturnsiSharesMSCIJapanSmall-CapETFBarChart column period compact * ~</div>
-0.1518-0.1515-0.1141-0.152<div style="display:none">~ http://www.iShares.com/role/ScheduleAverageAnnualTotalReturnsTransposediSharesMSCIJapanSmall-CapETF column period compact * ~</div>
iSHARES<sup>&#174</sup> MSCI SOUTH KOREA CAPPED ETF<br/>Ticker: EWY&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock Exchange: NYSE Arca0.0013-0.00060.00650.00061996-03-12-0.2105-0.2154-0.131-0.2089<div style="display:none">~ http://www.iShares.com/role/ScheduleAnnualFundOperatingExpensesTransposediSharesMSCIJapanSmallCapETF column period compact * ~</div>
<b>Investment Objective</b>-0.005-0.01-0.00460.00050.03230.02960.02820.0404The iShares MSCI South Korea Capped ETF (the &#8220;Fund&#8221;) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Korea 25/50 Index (the &#8220;Underlying Index&#8221;).<b>Fees and Expenses</b>The following table describes the fees and expenses that you will incur if you own shares of the Fund. The investment advisory agreement between iShares, Inc. (the &#8220;Company&#8221;) and BlackRock Fund Advisors (&#8220;BFA&#8221;) (the &#8220; Investment Advisory Agreement&#8221;) provides that BFA will pay all operating expenses of the Fund, except interest expenses, taxes, brokerage expenses, future distribution fees or expenses, and extraordinary expenses.<br/><br/>You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:<b>Annual Fund Operating Expenses<br/>(ongoing expenses that you pay each year as a<br/>percentage of the value of your investments)</b>iSHARES<sup>&#174;</sup> MSCI ALL COUNTRY WORLD<br/>MINIMUM VOLATILITY ETF<br/>Ticker: ACWV&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock Exchange: NYSE Arca0.0034<b>Investment Objective</b>0.00610.005300The iShares MSCI All Country World Minimum Volatility ETF (the &#8220;Fund&#8221;) seeks to track the investment results of an index composed of developed and emerging market equities that, in the aggregate, have lower volatility characteristics relative to the broader developed and emerging equity markets.00<b>Fees and Expenses</b>00The following table describes the fees and expenses that you will incur if you own shares of the Fund. The investment advisory agreement between iShares, Inc. (the &#8220;Company&#8221;) and BlackRock Fund Advisors (&#8220;BFA&#8221;) (the &#8220; Investment Advisory Agreement&#8221;) provides that BFA will pay all operating expenses of the Fund, except interest expenses, taxes, brokerage expenses, future distribution fees or expenses, and extraordinary expenses. &#8220;Acquired Fund Fees and Expenses&#8221; reflect the Fund's pro rata share of the fees and expenses incurred by investing in other investment companies. The impact of Acquired Fund Fees and Expenses is included in the total returns of the Fund. Acquired Fund Fees and Expenses are not used to calculate the Fund's net asset value per share (&#8220;NAV&#8221;) and are not included in the calculation of the ratio of expenses to average net assets shown in the Financial Highlights section of the Fund's prospectus (the &#8220;Prospectus&#8221;). BFA, the investment adviser to the Fund, has contractually agreed to waive its management fees in an amount equal to the Acquired Fund Fees and Expenses attributable to the Fund's investments in other iShares funds through June 30, 2014. The contractual waiver may be terminated prior to June 30, 2014 only upon written agreement of the Company and BFA. Acquired Fund Fees and Expenses are based on estimated amounts for the current fiscal year.<br/><br/>You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:0.00340.0061You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:02000-06-20Acquired Fund Fees and Expenses are based on estimated amounts for the current fiscal year.0.0034Acquired Fund Fees and Expenses are not used to calculate the Fund's net asset value per share (&#8220;NAV&#8221;) and are not included in the calculation of the ratio of expenses to average net assets shown in the Financial Highlights section of the Fund's prospectus (the &#8220;Prospectus&#8221;).0June 30, 2014<div style="display:none">~ http://www.iShares.com/role/ScheduleExpenseExampleTransposediSharesMSCIJapanSmallCapETF column period compact * ~</div>
0.005335<b>Example.</b>iSHARES<sup>&#174;</sup> MSCI AUSTRALIA ETF<br/>Ticker: EWA&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock Exchange: NYSE Arca54109This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:170<b>Investment Objective</b>191<b>Portfolio Turnover.</b>296431The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. From inception, October 18, 2011, to the most recent fiscal year end, the Fund's portfolio turnover rate was 22% of the average value of its portfolio.6650.22<div style="display:none">~ http://www.iShares.com/role/ScheduleAnnualFundOperatingExpensesTransposediSharesMSCIItalyCappedETF column period compact * ~</div>
<b>Principal Investment Strategies</b>The iShares MSCI Australia ETF (the &#8220;Fund&#8221;) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Australia Index (the &#8220;Underlying Index&#8221;).The Fund seeks to track the investment results of the MSCI All Country World Minimum Volatility Index (the &#8220;Underlying Index&#8221;), which has been developed by MSCI Inc. (&#8220;MSCI&#8221;) to measure the combined performance of equity securities in both emerging and developed markets that in aggregate have lower volatility. The Underlying Index begins with the MSCI All Country World Index (the &#8220;MSCI ACWI Index&#8221;) which is a capitalization-weighted index, and then follows a rules-based methodology to determine optimal weights for securities in the index with the lowest total risk. As of June 30, 2012, the Underlying Index consisted of companies in the following 25 countries: Belgium, Canada, Chile, China, Colombia, the Czech Republic, Denmark, Egypt, Finland, France, Hong Kong, India, Indonesia, Israel, Japan, Malaysia, Peru, the Philippines, Singapore, Spain, Switzerland, Taiwan, Thailand, the United Kingdom and the United States. Components primarily include consumer staples, financial and healthcare companies. The components of the Underlying Index, and the degree to which these components represent certain industries, may change over time. <br /><br />BFA uses a &#8220;passive&#8221; or indexing approach to try to achieve the Fund&#8217;s investment objective. Unlike many investment companies, the Fund does not try to &#8220;beat&#8221; the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. <br /><br />Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by keeping portfolio turnover low in comparison to actively managed investment companies. <br /><br />BFA uses a representative sampling indexing strategy to manage the Fund. &#8220;Representative sampling&#8221; is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability and yield) and liquidity measures similar to those of the Underlying Index. The Fund may or may not hold all of the securities in the Underlying Index. <br /><br />The Fund generally invests at least 90% of its assets in securities of the Underlying Index or in depositary receipts representing securities in the Underlying Index. The Fund may invest the remainder of its assets in securities not included in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index, and in other investments, including futures contracts, options on futures contracts, options and swaps related to its Underlying Index, as well as cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates. The Fund seeks to track the investment results of the Underlying Index before the fees and expenses of the Fund. <br /><br />The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of the collateral received). <br /><br />The Underlying Index is sponsored by an organization (the &#8220;Index Provider&#8221;) that is independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. The Fund&#8217;s Index Provider is MSCI. <br /><br /><b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries, which may include large-, mid- or small-capitalization companies, to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.<b>Fees and Expenses</b><div style="display:none">~ http://www.iShares.com/role/ScheduleAnnualTotalReturnsiSharesMSCIItalyCappedETFBarChart column period compact * ~</div>
<b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries, which may include large-, mid- or small-capitalization companies, to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.<div style="display:none">~ http://www.iShares.com/role/ScheduleAnnualFundOperatingExpensesTransposediSharesMSCIThailandCappedETF column period compact * ~</div>
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-0.1122-0.1185-0.0642-0.10950.02690.01930.02160.0264<b>Summary of Principal Risks</b><b>Example.</b>0.13090.12220.11470.1286<div style="display:none">~ http://www.iShares.com/role/ScheduleAnnualTotalReturnsiSharesMSCIThailandCappedETFBarChart column period compact * ~</div>
0.22As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. The Fund is subject to the principal risks noted below, any of which may adversely affect the Fund's NAV, trading price, yield, total return and ability to meet its investment objective. <br /><br /><b>Asset Class Risk.</b> Securities in the Underlying Index or in the Fund's portfolio may underperform in comparison to the general securities markets or other asset classes. <br /><br /><b>Concentration Risk.</b> To the extent that the Fund's investments are concentrated in a particular issuer, region, country, market, industry or asset class, the Fund may be susceptible to loss due to adverse occurrences affecting that issuer, region, country, market, industry or asset class. <br /><br /><b>Consumer Staples Sector Risk.</b> The consumer staples sector may be affected by marketing campaigns, changes in consumer demands, government regulations and changes in commodity prices. <br /><br /><b>Currency Risk.</b> Because the Fund's NAV is determined in U.S. dollars, the Fund's NAV could decline if the currency of a non-U.S. market in which the Fund invests depreciates against the U.S. dollar. <br /><br /><b>Custody Risk.</b> Less developed markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by local banks, agents and depositories. <br /><br /><b>Equity Securities Risk.</b> Equity securities are subject to changes in value and their values may be more volatile than other asset classes. <br /><br /><b>Financial Sector Risk.</b> Performance of companies in the financial sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. This sector has experienced significant losses in the recent past, and the impact of more stringent capital requirements and of recent or future regulation on any individual financial company or on the sector as a whole cannot be predicted. <br /><br /><b>Geographic Risk.</b> A natural or other disaster could occur in a geographic region in which the Fund invests, which could affect the economy or particular business operations of companies in the specific geographic region, causing an adverse impact on the Fund's investments in the affected region. <br /><br /><b>Healthcare Sector Risk.</b> The healthcare sector may be affected by government regulations and government healthcare programs, increases or decreases in the cost of medical products and services and product liability claims, among other factors. Many healthcare companies are heavily dependent on patent protection and the expiration of a patent may adversely affect their profitability. Healthcare companies are subject to competitive forces that may result in price discounting, and may be thinly capitalized and susceptible to product obsolescence. <br /><br /><b>Index-Related Risk.</b> There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Index and therefore achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund&#8217;s ability to adjust its exposure to the required levels in order to track the Underlying Index. Errors in index data may occur from time to time and may not be identified and corrected for a period of time, and may have an adverse impact on the Fund and its Shareholders. <br /><br /><b>Issuer Risk.</b> Fund performance depends on the performance of individual securities to which the Fund has exposure. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline. <br /><br /><b>Management Risk.</b> As the Fund may not fully replicate the Underlying Index, it is subject to the risk that BFA's investment management strategy may not produce the intended results. <br /><br /><b>Market Risk.</b> The Fund could lose money over short periods due to short-term market movements and over longer periods during market downturns. <br /><br /><b>Market Trading Risk.</b> The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND'S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV. <br /><br /><b>Non-Diversification Risk.</b> The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund's performance may depend on the performance of a small number of issuers. <br /><br /><b>Non-U.S. Securities Risk.</b> Investments in the securities of non-U.S. issuers are subject to the risks associated with investing in those non-U.S. markets, such as heightened risks of inflation or nationalization. The Fund may lose money due to political, economic and geographic events affecting a non-U.S. issuer or market. The Fund is specifically exposed to <b>Asian Economic Risk</b> and <b>North American Economic Risk</b>.<br /><br /><b>Passive Investment Risk.</b> The Fund is not actively managed and BFA does not attempt to take defensive positions under any market conditions, including declining markets. <br /><br /><b>Privatization Risk.</b> Some countries in which the Fund invests have privatized, or have begun the process of privatizing, certain entities and industries. Privatized entities may lose money or be re-nationalized. <br /><br /><b>Reliance on Trading Partners Risk.</b> The Fund invests in countries whose economies are heavily dependent upon trading with key partners. Any reduction in this trading may have an adverse impact on the Fund's investments. <br /><br /><b>Risk of Investing in Emerging Markets.</b> The Fund's investments in emerging markets may be subject to a greater risk of loss than investments in more developed markets. Emerging markets may be more likely to experience inflation risk, political turmoil and rapid changes in economic conditions than more developed markets. Emerging markets often have less uniformity in accounting and reporting requirements, unreliable securities valuation and greater risk associated with custody of securities. <br /><br /><b>Securities Lending Risk.</b> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may lose money because the borrower of the Fund's loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of the collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund. <br /><br /><b>Security Risk.</b> Some countries and regions in which the Fund invests have experienced security concerns. Incidents involving a country's or region's security may cause uncertainty in these markets and may adversely affect their economies and the Fund's investments. <br /><br /><b>Structural Risk.</b> The countries in which the Fund invests may be subject to considerable degrees of economic, political and social instability. <br /><br /><b>Tracking Error Risk.</b> Tracking error is the divergence of the Fund&#8217;s performance from that of the Underlying Index. Tracking error may occur because of differences between the securities held in the Fund&#8217;s portfolio and those included in the Underlying Index, pricing differences, transaction costs, the Fund&#8217;s holding of cash, differences in timing of the accrual of dividends, changes to the Underlying Index or the need to meet various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Underlying Index does not. <br /><br /><b>Valuation Risk.</b> The sale price the Fund could receive for a security may differ from the Fund's valuation of the security&#8201;and may differ from the value used by the Underlying Index, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. In addition, the value of the securities in the Fund's portfolio may change on days when shareholders will not be able to purchase or sell the Fund's shares. <br /><br /><b>Volatility Risk.</b> Although the Underlying Index was created by the Index Provider to seek lower volatility than the MSCI ACWI Index, there is no guarantee that these strategies will be successful. The Fund's name reflects the name of the Underlying Index as provided by the Index Provider. However, the Index Provider may be unsuccessful in creating an index that minimizes volatility, and there is a risk that the Fund may experience more than minimum volatility. Securities in the Fund's portfolio may be subject to price volatility and the prices may not be any less volatile than the market as a whole and could be more volatile.As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments.<b>Non-Diversification Risk.</b> The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund's performance may depend on the performance of a small number of issuers.<div style="display:none">~ http://www.iShares.com/role/ScheduleAverageAnnualTotalReturnsTransposediSharesMSCIThailandCappedETF column period compact * ~</div>
<b>Performance Information</b>You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:As of the date of this Prospectus, the Fund does not have a full calendar year of performance information to report.As of the date of this Prospectus, the Fund does not have a full calendar year of performance information to report.This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:<b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries, which may include large-, mid- or small-capitalization companies, to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.1996-03-1262195As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments.340762The following table describes the fees and expenses that you will incur if you own shares of the Fund. The investment advisory agreement between iShares, Inc. (the &#8220;Company&#8221;) and BlackRock Fund Advisors (&#8220;BFA&#8221;) (the &#8220; Investment Advisory Agreement&#8221;) provides that BFA will pay all operating expenses of the Fund, except interest expenses, taxes, brokerage expenses, future distribution fees or expenses, and extraordinary expenses.<br/><br/>You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:<b>Example.</b>This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:<b>Portfolio Turnover.</b><b>Portfolio Turnover.</b>The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 9% of the average value of its portfolio.0.09<b>Non-Diversification Risk.</b> The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund's performance may depend on the performance of a small number of issuers.<b>Principal Investment Strategies</b>The Underlying Index consists of stocks traded primarily on the Australian Stock Exchange. Components primarily include consumer staples, financial and materials companies. The components of the Underlying Index, and the degree to which these components represent certain industries, may change over time. <br /><br />BFA uses a &#8220;passive&#8221; or indexing approach to try to achieve the Fund&#8217;s investment objective. Unlike many investment companies, the Fund does not try to &#8220;beat&#8221; the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. <br /><br />Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by keeping portfolio turnover low in comparison to actively managed investment companies. <br /><br />BFA uses a representative sampling indexing strategy to manage the Fund. &#8220;Representative sampling&#8221; is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability and yield) and liquidity measures similar to those of the Underlying Index. The Fund may or may not hold all of the securities in the Underlying Index. <br /><br />The Fund generally invests at least 90% of its assets in the securities of its Underlying Index and in depositary receipts (&#8220;DRs&#8221;) representing securities in its Underlying Index. The Fund will at all times invest at least 80% of its assets in the securities of the Underlying Index or in DRs representing securities in its Underlying Index. The Fund may invest the remainder of its assets in other securities, including securities not in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index, and in other investments, including futures contracts, options on futures contracts, other types of options and swaps related to its Underlying Index, as well as cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates. <br /><br />The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of the collateral received). The Underlying Index is sponsored by an organization (the &#8220;Index Provider&#8221;) that is independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. The Fund&#8217;s Index Provider is MSCI Inc. (&#8220;MSCI&#8221;). <br /><br /><b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries, which may include large-, mid- or small-capitalization companies, to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 12% of the average value of its portfolio.<b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries, which may include large-, mid- or small-capitalization companies, to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.0.12<b>Principal Investment Strategies</b><b>Summary of Principal Risks</b>As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. The Fund is subject to the principal risks noted below, any of which may adversely affect the Fund's net asset value per share (&#8220;NAV&#8221;), trading price, yield, total return and ability to meet its investment objective. <br /><br /><b>Asset Class Risk.</b> Securities in the Underlying Index or in the Fund's portfolio may underperform in comparison to the general securities markets or other asset classes. <br /><br /><b>Commodity Exposure Risk.</b> The Fund invests in Australia, which is susceptible to fluctuations in certain commodity markets. Any negative changes in commodity markets could have an adverse impact on the Australian economy. <br /><br /><b>Concentration Risk.</b> To the extent that the Fund's investments are concentrated in a particular issuer, region, country, market, industry or asset class, the Fund may be susceptible to loss due to adverse occurrences affecting that issuer, region, country, market, industry or asset class. <br /><br /><b>Consumer Staples Sector Risk.</b> The consumer staples sector may be affected by marketing campaigns, changes in consumer demands, government regulations and changes in commodity prices. <br /><br /><b>Currency Risk.</b> Because the Fund's NAV is determined in U.S. dollars, the Fund's NAV could decline if the currency of a non-U.S. market in which the Fund invests depreciates against the U.S. dollar. <br /><br /><b>Equity Securities Risk.</b> Equity securities are subject to changes in value and their values may be more volatile than other asset classes. <br /><br /><b>Financial Sector Risk.</b> Performance of companies in the financial sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. This sector has experienced significant losses in the recent past, and the impact of more stringent capital requirements and of recent or future regulation on any individual financial company or on the sector as a whole cannot be predicted. <br /><br /><b>Geographic Risk.</b> A natural or other disaster could occur in a geographic region in which the Fund invests, which could affect the economy or particular business operations of companies in the specific geographic region, causing an adverse impact on the Fund's investments in the affected region. <br /><br /><b>Index-Related Risk.</b> There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Index and therefore achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund&#8217;s ability to adjust its exposure to the required levels in order to track the Underlying Index. Errors in index data may occur from time to time and may not be identified and corrected for a period of time, and may have an adverse impact on the Fund and its Shareholders. <br /><br /><b>Issuer Risk.</b> Fund performance depends on the performance of individual securities to which the Fund has exposure. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline. <br /><br /><b>Management Risk.</b> As the Fund may not fully replicate the Underlying Index, it is subject to the risk that BFA's investment management strategy may not produce the intended results. <br /><br /><b>Market Risk.</b> The Fund could lose money over short periods due to short-term market movements and over longer periods during market downturns. <br /><br /><b>Market Trading Risk.</b> The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND'S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV. <br /><br /><b>Materials Sector Risk.</b> Companies in the materials sector may be adversely impacted by the volatility of commodity prices, exchange rates, depletion of resources, over-production, litigation and government regulations, among other factors. <br /><br /><b>Non-Diversification Risk.</b> The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund's performance may depend on the performance of a small number of issuers. <br /><br /><b>Non-U.S. Securities Risk.</b> Investments in the securities of non-U.S. issuers are subject to the risks associated with investing in those non-U.S. markets, such as heightened risks of inflation or nationalization. The Fund may lose money due to political, economic and geographic events affecting an Australian issuer or market. The Fund is specifically exposed to <b>Australasian Economic Risk</b>.<br /><br /><b>Passive Investment Risk.</b> The Fund is not actively managed and BFA does not attempt to take defensive positions under any market conditions, including declining markets. <br /><br /><b>Reliance on Trading Partners Risk.</b> The Fund invests in a country whose economy is heavily dependent upon trading with key partners. Any reduction in this trading may have an adverse impact on the Fund's investments. The Fund is specifically exposed to <b>Asian Economic Risk</b>, <b>Australasian Economic Risk</b>, <b>European Economic Risk</b> and <b>U.S. Economic Risk</b>.<br /><br /><b>Risk of Investing in Australia.</b> Investments in Australian issuers may subject the Fund to regulatory, political, currency, security, and economic risk specific to Australia. The Australian economy is heavily dependent on exports from the agricultural and mining sectors. This makes the Australian economy susceptible to fluctuations in the commodity markets. Australia is also dependent on trading with key trading partners. <br /><br /><b>Securities Lending Risk.</b> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may lose money because the borrower of the Fund's loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of the collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund. <br /><br /><b>Tracking Error Risk.</b> Tracking error is the divergence of the Fund&#8217;s performance from that of the Underlying Index. Tracking error may occur because of differences between the securities held in the Fund&#8217;s portfolio and those included in the Underlying Index, pricing differences, transaction costs, the Fund&#8217;s holding of cash, differences in timing of the accrual of dividends, changes to the Underlying Index or the need to meet various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Underlying Index does not. <br /><br /><b>Valuation Risk.</b> The sale price the Fund could receive for a security may differ from the Fund's valuation of the security&#8201;and may differ from the value used by the Underlying Index, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. In addition, the value of the securities in the Fund's portfolio may change on days when shareholders will not be able to purchase or sell the Fund's shares.As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments.The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund.<b>Non-Diversification Risk.</b> The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund's performance may depend on the performance of a small number of issuers.<b>Performance Information</b>The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund. Both assume that all dividends and distributions have been reinvested in the Fund. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Supplemental information about the Fund&#8217;s performance is shown under the heading Total Return Information in the Supplemental Information section of the Fund's prospectus (the &#8220;Prospectus&#8221;).The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund.Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.1-800-iShares (1-800-474-2737) (toll free)www.iShares.com<b>Year by Year Returns (Years Ended December 31)</b>The best calendar quarter return during the periods shown above was 32.89% in the 3rd quarter of 2009; the worst was -26.63% in the 4th quarter of 2008.<br/><br/>Updated performance information is available at www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).The Fund&#8217;s total return for the nine months ended2012-09-30<div style="display:none">~ http://www.iShares.com/role/ScheduleExpenseExampleTransposediSharesMSCIBelgiumCappedETF column period compact * ~</div><div style="display:none">~ http://www.iShares.com/role/ScheduleAverageAnnualTotalReturnsTransposediSharesMSCIBelgiumCappedETF column period compact * ~</div>0.1391-800-iShares (1-800-474-2737) (toll free)best2009-09-300.3289www.iShares.comworst2008-12-31-0.2663The Underlying Index consists of stocks traded primarily on the Stock Market Division of the Korean Exchange. The Underlying Index is a free-float adjusted market capitalization weighted index with a capping methodology applied to issuer weights so that no single issuer of a component exceeds 25% of the Underlying Index weight and all issuers with weight above 5% do not exceed 50% of the Underlying Index weight. Components primarily include consumer discretionary, financial, industrials and information technology companies. The components of the Underlying Index, and the degree to which these components represent certain industries, may change over time. <br /><br />BFA uses a &#8220;passive&#8221; or indexing approach to try to achieve the Fund&#8217;s investment objective. Unlike many investment companies, the Fund does not try to &#8220;beat&#8221; the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. <br /><br />Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by keeping portfolio turnover low in comparison to actively managed investment companies. <br /><br />BFA uses a representative sampling indexing strategy to manage the Fund. &#8220;Representative sampling&#8221; is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability and yield) and liquidity measures similar to those of the Underlying Index. The Fund may or may not hold all of the securities in the Underlying Index. <br /><br />The Fund will at all times invest at least 80% of its assets in the securities of its Underlying Index and in depositary receipts (&#8220;DRs&#8221;) representing securities in its Underlying Index. The Fund may invest the remainder of its assets in other securities, including securities not in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index, and in other investments, including futures contracts, options on futures contracts, other types of options and swaps related to its Underlying Index, as well as cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates. <br /><br />The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of the collateral received). <br /><br />The Underlying Index is sponsored by an organization (the &#8220;Index Provider&#8221;) that is independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. The Fund&#8217;s Index Provider is MSCI Inc. (&#8220;MSCI&#8221;). <br /><br /><b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries, which may include large-, mid- or small-capitalization companies, to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes.<b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries, which may include large-, mid- or small-capitalization companies, to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (&#8220;IRAs&#8221;).<b>Summary of Principal Risks</b>-0.00280.4982Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions.0.30860.16670.31420.2896-0.50030.75190.1392-0.1122218379847<div style="display:none">~ http://www.iShares.com/role/ScheduleExpenseExampleTransposediSharesMSCIEmergingMarketsEnergyCappedETF column period compact * ~</div><b>Average Annual Total Returns<br/>(for the periods ended December 31, 2011)</b>After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes.Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (&#8220;IRAs&#8221;).Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions.iSHARES<sup>&#174;</sup> MSCI BELGIUM CAPPED ETF<br/>Ticker: EWK&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock Exchange: NYSE ArcaThe Fund&#8217;s total return for the nine months ended2012-09-30<b>Investment Objective</b>0.1472best2009-06-30The iShares MSCI Belgium Capped ETF (the &#8220;Fund&#8221;) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Belgium IMI 25/50 Index (the &#8220;Underlying Index&#8221;).0.2472worst<b>Fees and Expenses</b>2008-09-30The following table describes the fees and expenses that you will incur if you own shares of the Fund. The investment advisory agreement between iShares, Inc. (the &#8220;Company&#8221;) and BlackRock Fund Advisors (&#8220;BFA&#8221;) (the &#8220; Investment Advisory Agreement&#8221;) provides that BFA will pay all operating expenses of the Fund, except interest expenses, taxes, brokerage expenses, future distribution fees or expenses, and extraordinary expenses.<br/><br/>You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:-0.2542You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:<b>Annual Fund Operating Expenses<br/>(ongoing expenses that you pay each year as a<br/>percentage of the value of your investments)</b>0.0053000.0053<div style="display:none">~ http://www.iShares.com/role/ScheduleAnnualFundOperatingExpensesTransposediSharesMSCITaiwanETF column period compact * ~</div>
<div style="display:none">~ http://www.iShares.com/role/ScheduleExpenseExampleTransposediSharesMSCITaiwanETF column period compact * ~</div>
<b>Example.</b><div style="display:none">~ http://www.iShares.com/role/ScheduleAnnualTotalReturnsiSharesMSCITaiwanETFBarChart column period compact * ~</div>
This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:<b>Portfolio Turnover.</b><div style="display:none">~ http://www.iShares.com/role/ScheduleAnnualFundOperatingExpensesTransposediSharesMSCIAllCountryWorldMinimumVolatilityETF column period compact * ~</div>
The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 19% of the average value of its portfolio.0.19<div style="display:none">~ http://www.iShares.com/role/ScheduleAverageAnnualTotalReturnsTransposediSharesMSCITaiwanETF column period compact * ~</div>
<b>Principal Investment Strategies</b>As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. The Fund is subject to the principal risks noted below, any of which may adversely affect the Fund's net asset value per share (&#8220;NAV&#8221;), trading price, yield, total return and ability to meet its investment objective. <br /><br /><b>Asset Class Risk.</b> Securities in the Underlying Index or in the Fund's portfolio may underperform in comparison to the general securities markets or other asset classes. <br /><br /><b>Concentration Risk.</b> To the extent that the Fund's investments are concentrated in a particular issuer, region, country, market, industry or asset class, the Fund may be susceptible to loss due to adverse occurrences affecting that issuer, region, country, market, industry or asset class. <br /><br /><b>Consumer Discretionary Sector Risk.</b> The consumer discretionary sector may be affected by changes in domestic and international economies, exchange and interest rates, competition, consumers' disposable income and consumer preferences, social trends and marketing campaigns. <br /><br /><b>Currency Risk.</b> Because the Fund's NAV is determined in U.S. dollars, the Fund's NAV could decline if the currency of a non-U.S. market in which the Fund invests depreciates against the U.S. dollar. <br /><br /><b>Custody Risk.</b> Less developed markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by local banks, agents and depositories. <br /><br /><b>Equity Securities Risk.</b> Equity securities are subject to changes in value and their values may be more volatile than other asset classes. <br /><br /><b>Financial Sector Risk.</b> Performance of companies in the financial sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. This sector has experienced significant losses in the recent past, and the impact of more stringent capital requirements and of recent or future regulation on any individual financial company or on the sector as a whole cannot be predicted. <br /><br /><b>Geographic Risk.</b> A natural or other disaster could occur in a geographic region in which the Fund invests, which could affect the economy or particular business operations of companies in the specific geographic region, causing an adverse impact on the Fund's investments in the affected region. <br /><br /><b>Index-Related Risk.</b> There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Index and therefore achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund&#8217;s ability to adjust its exposure to the required levels in order to track the Underlying Index. Errors in index data may occur from time to time and may not be identified and corrected for a period of time, and may have an adverse impact on the Fund and its Shareholders. <br /><br /><b>Industrials Sector Risk.</b> The industrials sector may be affected by changes in the supply and demand for products and services, product obsolescence, claims for environmental damage or product liability and general economic conditions, among other factors. <br /><br /><b>Information Technology Sector Risk.</b> Information technology companies face intense competition and potentially rapid product obsolescence. They are also heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. <br /><br /><b>Issuer Risk.</b> Fund performance depends on the performance of individual securities to which the Fund has exposure. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline. <br /><br /><b>Management Risk.</b> As the Fund may not fully replicate the Underlying Index, it is subject to the risk that BFA's investment management strategy may not produce the intended results. <br /><br /><b>Market Risk.</b> The Fund could lose money over short periods due to short-term market movements and over longer periods during market downturns. <br /><br /><b>Market Trading Risk.</b> The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND'S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV. <br /><br /><b>Non-Diversification Risk.</b> The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund's performance may depend on the performance of a small number of issuers. <br /><br /><b>Non-U.S. Securities Risk.</b> Investments in the securities of non-U.S. issuers are subject to the risks associated with investing in those non-U.S. markets, such as heightened risks of inflation or nationalization. The Fund may lose money due to political, economic and geographic events affecting a South Korean issuer or market, including as a result of heightened tensions between North and South Korea. The Fund is specifically exposed to <b>Asian Economic Risk</b>. <br /><br /><b>Passive Investment Risk.</b> The Fund is not actively managed and BFA does not attempt to take defensive positions under any market conditions, including declining markets. <br /><br /><b>Reliance on Trading Partners Risk.</b> The Fund invests in a country whose economy is heavily dependent upon trading with key partners. Any reduction in this trading may have an adverse impact on the Fund's investments. The Fund is specifically exposed to <b>Asian Economic Risk</b> and <b>U.S. Economic Risk</b>. <br /><br /><b>Risk of Investing in Emerging Markets.</b> The Fund's investments in emerging markets may be subject to a greater risk of loss than investments in more developed markets. Emerging markets may be more likely to experience inflation risk, political turmoil and rapid changes in economic conditions than more developed markets. Emerging markets often have less uniformity in accounting and reporting requirements, unreliable securities valuation and greater risk associated with custody of securities. <br /><br /><b>Risk of Investing in South Korea.</b> Investments in South Korean issuers may subject the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to South Korea. In addition, economic and political developments of South Korean neighbors may have an adverse effect on the South Korean economy. <br /><br /><b>Securities Lending Risk.</b> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may lose money because the borrower of the Fund's loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of the collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund. <br /><br /><b>Security Risk.</b> The geographic area in which the Fund invests has experienced security concerns. Incidents involving a country's or region's security may cause uncertainty in these markets and may adversely affect its economy and the Fund's investments. <br /><br /><b>Structural Risk.</b> The country in which the Fund invests may be subject to considerable degrees of economic, political and social instability. <br /><br /><b>Tracking Error Risk.</b> Tracking error is the divergence of the Fund&#8217;s performance from that of the Underlying Index. Tracking error may occur because of differences between the securities held in the Fund&#8217;s portfolio and those included in the Underlying Index, pricing differences, transaction costs, the Fund&#8217;s holding of cash, differences in timing of the accrual of dividends, changes to the Underlying Index or the need to meet various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Underlying Index does not. BFA EXPECTS THAT THE FUND MAY EXPERIENCE HIGHER TRACKING ERROR THAN IS TYPICAL FOR SIMILAR INDEX EXCHANGE-TRADED FUNDS. <br /><br /><b>Valuation Risk.</b> The sale price the Fund could receive for a security may differ from the Fund's valuation of the security&#8201;and may differ from the value used by the Underlying Index, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. In addition, the value of the securities in the Fund's portfolio may change on days when shareholders will not be able to purchase or sell the Fund's shares.iSHARES<sup>&#174;</sup> MSCI EMERGING MARKETS ENERGY CAPPED ETF <br/>Ticker: EMEY&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock Exchange: NASDAQ<b>Annual Fund Operating Expenses</b><br/><b>(ongoing expenses that you pay each year as a</b><br/><b>percentage of the value of your investments)</b>As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments.<b>Annual Fund Operating Expenses</b><br/><b>(ongoing expenses that you pay each year as a</b><br/><b>percentage of the value of your investments)</b>The iShares MSCI Emerging Markets Energy Capped ETF (the &#8220;Fund&#8221;) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Emerging Markets Energy 25/50 Index (the &#8220; Underlying Index&#8221;).The following table describes the fees and expenses that you will incur if you own shares of the Fund. The investment advisory agreement between iShares, Inc. (the &#8220;Company&#8221;) and BlackRock Fund Advisors (&#8220;BFA&#8221;) (the &#8220; Investment Advisory Agreement&#8221;) provides that BFA will pay all operating expenses of the Fund, except interest expenses, taxes, brokerage expenses, future distribution fees or expenses, and extraordinary expenses.<br/><br/>You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:The Underlying Index is designed to measure broad-based equity market performance in Belgium. A capping methodology is applied that limits the weight of any single component to a maximum of 25% of the Underlying Index. Additionally, the sum of the components that individually constitute more than 5% of the weight of the Underlying Index cannot exceed a maximum of 50% of the weight of the Underlying Index in the aggregate. The Underlying Index consists of stocks traded primarily on the Brussels Stock Exchange. The Underlying Index may include large-, mid- or small-capitalization companies, and components primarily include consumer staples, financial and materials companies. The components of the Underlying Index, and the degree to which these components represent certain industries, may change over time.<br/><br/>BFA uses a &#8220;passive&#8221; or indexing approach to try to achieve the Fund&#8217;s investment objective. Unlike many investment companies, the Fund does not try to &#8220;beat&#8221; the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued.<br/><br/>Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by keeping portfolio turnover low in comparison to actively managed investment companies. <br/><br/>BFA uses a representative sampling indexing strategy to manage the Fund. &#8220;Representative sampling&#8221; is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability and yield) and liquidity measures similar to those of the Underlying Index. The Fund may or may not hold all of the securities in the Underlying Index. <br/><br/>The Fund will at all times invest at least 80% of its assets in the securities of its Underlying Index and in depositary receipts (&#8220;DRs&#8221;) representing securities in its Underlying Index. The Fund may invest the remainder of its assets in other securities, including securities not in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index, and in other investments, including futures contracts, options on futures contracts, other types of options and swaps related to its Underlying Index, as well as cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates. <br/><br/>The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of the collateral received). <br/><br/>The Underlying Index is sponsored by an organization (the &#8220;Index Provider&#8221;) that is independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. The Fund&#8217;s Index Provider is MSCI Inc. (&#8220;MSCI&#8221;). <br/><br/><b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries, which may include large-, mid- or small-capitalization companies, to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.<b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries, which may include large-, mid- or small-capitalization companies, to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.<b>Non-Diversification Risk.</b> The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund's performance may depend on the performance of a small number of issuers.<b>Summary of Principal Risks</b><b>Performance Information</b><b>Annual Fund Operating Expenses<br/>(ongoing expenses that you pay each year as a<br/>percentage of the value of your investments)</b>The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund. Both assume that all dividends and distributions have been reinvested in the Fund. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Supplemental information about the Fund&#8217;s performance is shown under the heading Total Return Information in the Supplemental Information section of the Fund's prospectus (the &#8220;Prospectus&#8221;).0.0068000.0068The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund.Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.<b>Year by Year Returns (Years Ended December 31)</b>This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. The Fund is subject to the principal risks noted below, any of which may adversely affect the Fund's net asset value per share (&#8220;NAV&#8221;), trading price, yield, total return and ability to meet its investment objective.<br /><br /><b>Asset Class Risk.</b> Securities in the Underlying Index or in the Fund's portfolio may underperform in comparison to the general securities markets or other asset classes. <br /><br /><b>Concentration Risk.</b> To the extent that the Fund's investments are concentrated in a particular issuer, region, country, market, industry or asset class, the Fund may be susceptible to loss due to adverse occurrences affecting that issuer, region, country, market, industry or asset class. <br /><br /><b>Consumer Staples Sector Risk.</b> The consumer staples sector may be affected by marketing campaigns, changes in consumer demands, government regulations and changes in commodity prices. <br /><br /><b>Currency Risk.</b> Because the Fund's NAV is determined in U.S. dollars, the Fund's NAV could decline if the currency of a non-U.S. market in which the Fund invests depreciates against the U.S. dollar. <br /><br /><b>Equity Securities Risk.</b> Equity securities are subject to changes in value and their values may be more volatile than other asset classes. <br /><br /><b>Financial Sector Risk.</b> Performance of companies in the financial sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. This sector has experienced significant losses in the recent past, and the impact of more stringent capital requirements and of recent or future regulation on any individual financial company or on the sector as a whole cannot be predicted. <br /><br /><b>Geographic Risk.</b> A natural or other disaster could occur in a geographic region in which the Fund invests, which could affect the economy or particular business operations of companies in the specific geographic region, causing an adverse impact on the Fund's investments in the affected region. <br /><br /><b>Index-Related Risk.</b> There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Index and therefore achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund&#8217;s ability to adjust its exposure to the required levels in order to track the Underlying Index. Errors in index data may occur from time to time and may not be identified and corrected for a period of time, and may have an adverse impact on the Fund and its Shareholders. <br /><br /><b>Issuer Risk.</b> Fund performance depends on the performance of individual securities to which the Fund has exposure. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline. <br /><br /><b>Lack of Natural Resources Risk.</b> The Fund invests in Belgium, which has few natural resources. Any fluctuation or shortage in the commodity markets could have a negative impact on the Belgian economy. <br /><br /><b>Management Risk.</b> As the Fund may not fully replicate the Underlying Index, it is subject to the risk that BFA's investment management strategy may not produce the intended results. <br /><br /><b>Market Risk.</b> The Fund could lose money over short periods due to short-term market movements and over longer periods during market downturns. <br /><br /><b>Market Trading Risk.</b> The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND'S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV. <br /><br /><b>Materials Sector Risk.</b> Companies in the materials sector may be adversely impacted by the volatility of commodity prices, exchange rates, depletion of resources, over-production, litigation and government regulations, among other factors. <br /><br /><b>Mid-Capitalization Companies Risk.</b> Compared to large-capitalization companies, mid-capitalization companies may be less stable and more susceptible to adverse developments, and their securities may be more volatile and less liquid. <br /><br /><b>Non-Diversification Risk.</b> The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund's performance may depend on the performance of a small number of issuers. <br /><br /><b>Non-U.S. Securities Risk.</b> Investments in the securities of non-U.S. issuers are subject to the risks associated with investing in those non-U.S. markets, such as heightened risks of inflation or nationalization. The Fund may lose money due to political, economic and geographic events affecting a Belgian issuer or market. The Fund is specifically exposed to <b>European Economic Risk.</b> <br /><br /><b>Passive Investment Risk.</b> The Fund is not actively managed and BFA does not attempt to take defensive positions under any market conditions, including declining markets. <br /><br /><b>Reliance on Trading Partners Risk.</b> The Fund invests in a country whose economy is heavily dependent upon trading with key partners. Any reduction in this trading may have an adverse impact on the Fund's investments. The Fund is specifically exposed to <b>European Economic Risk.</b><br /><br /><b>Risk of Investing in Belgium.</b> Investments in Belgian issuers may subject the Fund to legal, regulatory, political, currency, security, and economic risk specific to Belgium. The Belgian economy is heavily dependent on trade with other European Union (&#8220;EU&#8221;) countries. <br /><br /><b>Securities Lending Risk.</b> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may lose money because the borrower of the Fund's loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of the collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund. <br /><br /><b>Tracking Error Risk.</b> Tracking error is the divergence of the Fund&#8217;s performance from that of the Underlying Index. Tracking error may occur because of differences between the securities held in the Fund&#8217;s portfolio and those included in the Underlying Index, pricing differences, transaction costs, the Fund&#8217;s holding of cash, differences in timing of the accrual of dividends, changes to the Underlying Index or the need to meet various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Underlying Index does not. BFA EXPECTS THAT THE FUND MAY EXPERIENCE HIGHER TRACKING ERROR THAN IS TYPICAL FOR SIMILAR INDEX EXCHANGE-TRADED FUNDS. <br /><br /><b>Valuation Risk.</b> The sale price the Fund could receive for a security may differ from the Fund's valuation of the security&#8201;and may differ from the value used by the Underlying Index, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. In addition, the value of the securities in the Fund's portfolio may change on days when shareholders will not be able to purchase or sell the Fund's shares.0.0605As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments.0.3374<b>Investment Objective<b/>0.18220.55<b>Non-Diversification Risk.</b> The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund's performance may depend on the performance of a small number of issuers.0.111<b>Fees and Expenses</b><b>Performance Information</b>0.3208-0.55340.70360.2618-0.117354170